Gold is on some run. The charts look extremely bullish, silver too!-Lou
Gold Adds Another $30 An Ounce
(RTTNews) - Gold climbed again on Wednesday as traders continued to turn to the safety appeal amid lingering doubts over U.S. rescue plans. With the rally, the metal reached its best level in more than six months.
April gold closed at $944.50 an ounce, up $30.30 on the session. Earlier, prices reached as high as $949.00, its best level since July.
April gold closed at $944.50 an ounce, up $30.30 on the session. Earlier, prices reached as high as $949.00, its best level since July.
The metal has gained more than $50 in a two-day rally. Traders flocked to the hedge appeal of the precious metal since Tuesday after Treasury Secretary Timothy Geithner's speech was generally regarded as a flop, as he failed to provide enough details about the plan to restore credit flows.
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Lou: I respectfully disagree. Being somewhat of a chartist myself...... I think we will see prices of the yellow stuff below $700 before we see them above $1,000. Looking quite toppy here to me.
ReplyDeleteBut that is just one view and it is the difference in opinion that makes a market (unless the government intervenes!).