Friday, August 12, 2011

Gold : buying the mid August correction

After touching $1,818 intraday on Aug 10, gold is at $1,725 as I type.

Targets for increased buying are 1700 1675 1650 etc, for about a two week window.

1,575 is the low of Hubbartt's "volatility box".

GDX is outperforming S&P500 by wide margin.

GDXJ now at 34.90 could retest 31.60 area.

DJIA now 11,265 could rally to 11,860 before dropping to 9,500 area in October.

More detail and easy to understand charts in Morris Hubbartt's Aug 12 editorial
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