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Concerned about Gold? Step Back and Look at the Bigger Picture
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I think for people who are concerned about the near term picture in gold it is always important to take a step back and look at the bigger picture in order to defuse frayed nerves. There are two interesting P&F charts that are worth noting for the short and intermediate term.
The first chart is the daily which reveals that gold has been a little weaker as of late and could still remain in corrective or consolidation mode for the short term:
The second chart is the weekly P&F which shows an excellent breakout and consolidation. While gold could remain weaker in the short term, it certainly appears that on a medium term basis gold could soon be challenging its old highs.
Again, let me say, I think for people who are concerned about the near term picture in gold it is always important to take a step back and look at the bigger picture in order to calm the nerves.
This weekend King World News will have an interview with three key individuals from Barron’s Magazine and Barron’s Online as well as an interview with Bob Prechter from Elliott Wave International at (www.kingworldnews.com) and I am happy to share that I will be on the show with Eric King for an independent segment, so please tune in this weekend.
For those who would like to hear interviews which cover gold this week, please go to (www.kingworldnews.com) for the following interviews:
Jim Grant of Grant’s Interest Rate Observer
Rick Rule, Founder of Global Resource Investments
Sean Boyd, Vice Chairman & CEO of Agnico Eagle
All the Best,
Dr. Alan Lemerande
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Dr. Alan Lemerande was the First Runner-up in Kitco's "So You Think You Cant Rant" contest.
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