Aug. 23, 2012, 2:04 a.m. EDT
Is gold heading to $4,500?
Commentary: Are gold fundamentals, technicals most bullish ever?
By Peter Brimelow, MarketWatch
NEW YORK (MarketWatch) — Gold makes its move. The bugs are rampant.
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The gold action caught the attention of market veteran Richard (Dow Theory Letters) Russell.
Using a point and figure chart with a 2:30 p.m. Eastern Time cut-off, he noted: “Gold may finally be on its way to higher levels. Gold has risen to fill the $1,640 box, which is constructive. The next bullish action would be a rally to the $1,650 box. This would take gold clear out and above its consolidation base, and would put it in line to try for $1,680.” (By 4 p.m., gold had cleared $1,650).
Russell concluded his Wednesday evening note: “If gold takes off, the gold miners will look dirt cheap.”
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At JSMineset, ultra-experienced old gold hand Jim Sinclair confines himself to republishing an Aug. 1 essay from technician Alf Fields: “The bottom line is that we now have a really strong probability that the correction which started at $1,913 on Aug. 23, 2011, has been completed both in terms of Elliott waves and also in terms of time elapsed.”
“If this is correct, the gold price should soon be expressing itself in violent upside action as it moves into the third of third wave, which is still targeted to reach $4,500.”
More: http://www.marketwatch.com/story/is-gold-heading-to-4500-2012-08-23?dist=afterbell
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