For USA readers we wish you a Happy Thanksgiving. We have a lot to be grateful for if we sit and make a list. Sure, there's a lot we don't like and a depression may be coming to America, but take a look around. It sure looks a whole lot better than it did in 1929.
As for gold, it shook the timbers and kicked a bunch off the bus last month. That's what bull markets do. It did the same in the 1970's when gold sold off hard. The 65 week and 80 week moving averages were decimated this year. But is the bull dead? We think not.
Already the 3 week EMA has crossed back up over the 7 week EMA. That's a nice start. Now gold is challenging the 20 week and 65 week moving averages where the 20 appears to be ready to cross back up over the 65 week EMA. That's another good sign. Down below, the MACD has curled back upward and faces resistance just ahead. Big Money watches that to cross over before going very long.
Longer term, GLD is consolidating between $72 and $100 and has constructed a symmetrical triangle. As the major move is upward, there typically resolve in the same direction. Many battles lie ahead within this triangle but so far it appears gold has performed a masterful Shakeout-Fakeout!
Thirdeyeopentrades keeps an extensive daily updated list of charts at out Public List so be sure to visit: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1748085
Our acclaimed newsletter is published weekly on Sundays and we're offering a very special Thanksgiving treat this year. Subscriptions are normally $199/year, but if you identify that you heard of us from Gold-Eagle, you may trial the newsletter for six months for only $59. We'll hold the offer until Christmas 2008. If you have yet to read one of our newsletters, then we'll offer last weekend's issue (11-23-08) at no charge for you to consider subscribing to the longer six month trial.
Have a wonderful Thanksgiving Week regardless of what country you're from!