Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Monday, March 26, 2007

Monday Chart Action

It looks like the weekly uptrend is accelerating. Let’s look at the daily chart of gold for confirmation …

The tiff between Iran and Britain will likely grab the headlines in the early part of the week, and this A) could move some panic money into gold and B) could send gold higher with the price of oil. The Iranians aren’t crazy, though, and we should look for this crisis to resolve and oil (and gold) to pull back in the short-term. But longer-term forces – like the seven that I told you about last week – are in play for gold. I’m looking for gold to surge in the early part of this week. Longer-term, I expect it to surge even more.


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