Metals: Gold & Silver
By Louise Yamada Technical Research Advisors, LLC ("LYA")
"September 12 (King World News) - Gold: Beginning to Lift - Exactly one year after the August 2011 price peak at 1,900.23, the corrective / consolidation process for Gold spot price (GOLDS-1,656.50) appears to have come to an end (see Figure 18). With price having lifted out of the triangle noted herein last month, price slowly is addressing, and working through the sequential levels of resistance, with 1,641 achieved, the 200-day Moving Average (MA) and the 2011 downtrend penetrated.
"Assuming these levels hold, the next major resistance is 1,700, through which the target becomes the higher resistance at 1,800 from late 2011 into early 2012. Beyond that, the 2011 high becomes the only obstacle to achieving new highs. Outstanding still is our former target at 2,000 which could soon be restored to the table.
"The weekly momentum model (not shown) has turned positive, putting the wind at Gold’s back, if the recent advance holds. ..."
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