Bullish Price Target on Gold
Yesterday morning, I showed you a chart of gold, a chart that had bullish potential. Well, gold followed through and broke out to the upside.
Our price target is $810. We may see a pullback before gold really takes off. Interestingly, the gold stocks in the Red Hot Global Small Caps portfolio did not do nearly as well as the gold stocks in the Red Hot Canadian Small Caps portfolio. The RGS stocks may have been caught in a late-day sell-off that gripped Asian markets. Maybe traders are nervous about holding stocks over the weekend -- further sign that the bears are in charge.
As to the fight between bulls and bears -- Watch today's job number and its effect on the market. If the end result is the jobs number takes the market down, I would see that in the context of an overbought market continuing to pull back; if the market ends the day up, the pullback may be over (for now).
Our price target is $810. We may see a pullback before gold really takes off. Interestingly, the gold stocks in the Red Hot Global Small Caps portfolio did not do nearly as well as the gold stocks in the Red Hot Canadian Small Caps portfolio. The RGS stocks may have been caught in a late-day sell-off that gripped Asian markets. Maybe traders are nervous about holding stocks over the weekend -- further sign that the bears are in charge.As to the fight between bulls and bears -- Watch today's job number and its effect on the market. If the end result is the jobs number takes the market down, I would see that in the context of an overbought market continuing to pull back; if the market ends the day up, the pullback may be over (for now).
Labels: gold
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posted by Sean Brodrick @ 8:23 AM
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