Gold Yearly Data Analysis

I haven’t written about Gold much recently, which I have been Bullish on for quite some time. (I actually wrote a positive report on it way back in December 2002!)

The chart below comes from former Goldman Sachs technician Charles Nenner. Charles developed a black box algorithm which is now the basis of his work at Cycle Forecaster; its a mix of cycles, techncials and Elliot Wave.

Charles notes that "Gold continues on a buy signal and is moving up in a channel; The downside of the channel for next year is limited to around 445, while the upside is, at the moment, around 550."

With Gold is trading at the top of the channel — we could very easily see a moderate correction. Technically, as long as 445 is not broken, the uptrend should continue.

Gold_1205

A good break on the upside out of the channel will be important to
watch, since such a move can lead to an upside acceleration . . .

 

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