Robert J. Cote, Jr.
Thirdeyeopentrades
www.thirdeyeopentrades.com
November 3, 2006
Gold: The Run To $862
It pays to know your ABC's. At Thirdeyeopentrades we couldn't help but notice how the ratio of $GOLD:$USD likes to pull back off its ABC up formations by 62%.
Not only that but we noticed that now that gold has broken out of its falling bullish wedge the ABC up projects $862.
Some folks think that, with the DOW making all time highs last month that their accounts are doing real well. They may want to sit down and calculate the DOW priced in gold ounces. They will be in for a Big Surprise. They have been losing real wealth at a rapid pace since 1999.
Recently, even we were worried when the price of gold approached its 20 month moving average. It always hurts when gold pulls back 62% off an upward leg. So long as gold remains in its bull market, there's nothing to fear. It's only building force for its next move higher.
While we continue to await the Thirdeyeopentrades "Cracking the Code" weekly signal on the XAU, it's a pleasant experience watching gold potentially making its next move well into the $800's on this new leg upward.
Got Gold?
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Thirdeyeopentrades wishes you Health, Wealth, Wisdom and Happiness!
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