In addition to the breakout for gold stocks, the rise in the gold price above $1332 ushers in a new short-term target of $1355! Here are the details…
Graceland Updates 4am-7am
Feb 19, 2019
- As US markets re-open after the holiday, the world’s “queen of assets” continues her glorious ascent to higher prices. Check out this magnificent short term gold chart.
- The rise above $1332 ushers in my new short-term target: $1355!
- Please click here now. Gold is well on its way to becoming a mainstream asset like stocks and bonds.
- The reason for that is the “citizen wealth effect” created by the relentless rise of China and India. These gold-oriented nations are well on their way to becoming the most gargantuan economic empires in the history of the world.
- It’s simple mathematics: There are eight Chindians for every American, and about half of the Chindians are under the age of 35.
- It’s an unstoppable force that I refer to as, “The Gold Bull Era”.
- In the West, gold has been traditionally bought only when major stock, bond, currency, and real estate markets get into trouble.
- In contrast, Chindian citizens view gold as the “ultimate asset”, meaning they buy it in both good times and bad.
- This view is beginning to gain acceptance amongst Western analysts and money managers and I’m predicting it will continue to do so for many decades.
- Gold’s role as ultimate asset was showcased in the September-December period when it rose while US stock markets tumbled.
- Most gold bugs were stunned by the incredible price action, and even more stunned as the GDX gold stocks ETF soared too!
- Now, gold is rallying while US stock markets rise, and most analysts are again somewhat shocked as their attempted top calls for gold fail repeatedly.
- This type of “win-win” price action is unique to gold and I’ll boldly state that it is essentially here to stay!
- Please click here now. Double-click to enlarge. On this daily chart, gold looks like a freight train that cannot be stopped.
- From a big picture technical perspective, this type of daily chart action is expected and normal. To understand why I say that, pleaseclick here now. Double-click to enlarge what I consider to be the greatest weekly chart in the history of markets.
- Gold appears to be rallying from the final right shoulder in a multi-shouldered inverse H&S bull continuation pattern. Incredibly, that pattern itself appears to be just the head of a much more gargantuan pattern with a target price of $3000!
- In this situation, the current “freight train” technical action being showcased by gold on the daily chart is perfectly normal.
- Please click here now. Double-click to enlarge this key GDX daily chart. A spectacular bull flag breakout occurred on Friday.
- In pre-market action this morning, the price is gapping higher.
- Please click here now. Double-click to enlarge. That’s another look at GDX on a short-term chart.
- With the bull flag breakout now in play, stop-loss enthusiasts can now raise their protective profit-locks from $20.10 to $21.75.
- Please click here now. Double-click to enlarge this silver stocks ETF chart.
- A classic staircase chart pattern is developing. Traders can raise protective stop-loss orders from $24 to $26.
- I recommend that all investors carry some silver and associated miners in their portfolios and the $26 stop-loss level for SIL-NYSE allows investors to board this precious metals “freight train” with minimal risk and maximum potential reward!
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