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Hosea 4:6 My people are destroyed for lack of knowledge…

GOLD: Breakout Alert – Powerful Uptrend Imminent – target and trajectory…

Posted by truthpills on 2009/10/08

By Clive Maund | Oct 6 2009 10:07AM

Originally published October 6th, 2009

The impending gold breakout has been so long in the making that it has engendered a “we’ll believe it when we see it” mentality amongst most market participants. What this means of course is that most will miss out on the big easy gains that will accrue during the dynamic phase of the next major uptrend and will turn up late at the party, as usual. We ourselves have had lingering doubts engendered in large part by the perceived risk of a dollar rally, but these doubts are now dissipating for reasons that will be set below.

When you follow something on a day-to-day basis, or even an hour to hour basis, it is easy to slip into a situation where you “don’t see the wood for the trees” and the best way to combat this natural tendency is to zoom out and look at long-term weekly or even monthly charts. So that is what we will do now.

On the 5-year weekly chart for gold we can see that everything is now in place for a MAJOR RALLY in gold to commence. It has managed to hold the high ground for weeks following its upside breakout from a Triangle, and is repeatedly pushing at the resistance approaching its highs. Yesterday’s action was strongly bullish. With all moving averages in bullish alignment, THIS RESISTANCE IS ABOUT TO FALL.
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