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IBDvalueinvestin (99.67)

Gold still in a bear market.

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August 13, 2013 – Comments (3) | RELATED TICKERS: DUST , GLD , GDX

Gold has gone up for a couple of days and some are claiming the bear market in gold is over?

It just bounced off of August 2010 double dip lows. It will take a lot more than a couple of up days for the bears to cover. Remember the bears will feel no pain for least another 200 point gold run and even then they still will be in the green.

 

Look at this chart and you will see where the bears started shorting. For them to feel any pain real pain will be when gold hits $1,700 oz and that won't happen till we get another round of worldwide money printing scenerio. 

 

GOLD CHART

3 Comments – Post Your Own

#1) On August 13, 2013 at 1:04 AM, awallejr (79.58) wrote:

That is a lousey chart.  Use a 3 month one.  Notice how there are higher lows and higher highs? Thought you were a TA guy.  I just bought a few Belgium 1870s coins a few days ago.  They are worth more today.  But I don't care.  Nothing sexier than holding a bunch of gold coins.  Nothing;p

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#2) On August 13, 2013 at 6:21 PM, IBDvalueinvestin (99.67) wrote:

Awallejr, I see what your saying about the short-term trend down in Gold being over.

It sure does look like your correct in the short-term about gold going higher but I expect Gold to hit major resistance levels in the $1,420 oz area.

If it manages to break that $1,420/oz resistance point then it will head towards $1,600 rapidly as massive short covering combined with momentum investors will cause a one way trade explosion to the upside at least to $1,600/oz but longterm it will not be able to hold $1,600/ oz and head back towards Aug. 2010 lows. 

Gold 3 Month Chart

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#3) On August 13, 2013 at 7:01 PM, awallejr (79.58) wrote:

I actually find it amusing that me, a fundamentalist, making a TA argument heheh.

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