Wednesday, September 2, 2009
GOLD BREAKING OUT?
Is gold breaking out or is this a technical move? September has historically has been a bullish month for gold, over the last 20 years, it has risen on average 3.4% in 16 of those years. ~see story~
I suggested to my blog readers that gold was a buy last week see post
Gold's move today has been on no move in the US Dollar, I've been expecting a drop below the $78 support level. (see chart in past post). However...today's move could be seen in part as both a technical & a safety move as money is allocated into the commodity against further declines in the equity markets.
*click on chart to expand image