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Friday, 19 September 2008 |
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By Charles Delvalle
Most resource bugs have been less than excited lately, because gold has been in a huge sell-off for the past few months. Many have been trying to time a bottom, to no avail. But there may be hope. On Wednesday alone, Gold rose $70 an ounce. Is a bottom in?
That’s one thing that isn’t so clear yet, but the answer is leaning towards “yes”.
Since the year 2000, gold has shown a pattern of bottoming during the summer and moving much higher by January. Since summer is just about over, it’s quite likely that gold is following this seasonal pattern.
But the technicals aren’t nearly as clear.
As you can see from the chart above, Gold hasn’t broken through its $200-day moving average. This is a very important point. And if passed, would mark a resumption of a bullish move in gold.
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