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Boom! Gold and the US Stock Market Lift Off!

November 30, 2011

Boom! Gold and the US Stock Market Lift Off!

gold boom rockets higher november trade commodity up rush investor trader bug longterm wealthAnd there you have it, just one day after Jim Rogers calls for gold to sell off….BOOM!

Gold rockets up $33 to close at just over $1751/ounce. Did the bargain hunter buyers miss the bottom? Maybe, but this market is so choppy anyone looking to buy is likely to get at least one more chance before gold resumes it’s rise.

Trading Range

As gold broke through what many traders consider a resistance level at $1750, we would need to see gold hold this level on it’s way back to $1800 and beyond. If gold can break through and hold the $1800 (after 2 previous failed attempts in the last month) then we are back on track towards the ever elusive $2000 mark.

Europe Debt Crisis

Right now the big unknown continues to be Europe and how they work the debt crisis out. Unless the EU can continue to europe greece debt crisis gold commodity investor bug trade futuresshow that they are making progress working through the current debt situation, gold is more likely to drop back down to the near term support level of $1650 – $1700 that we’ve seen for the last two months.

Pivot Point

Tomorrow will likely be a pivot point, sending gold up towards the $1800 range or pushing it back down to $1700 and below. This market has been very painful over the last few months and investors are still looking for profits where ever they can find them.

Let’s see what tomorrow brings… hold on.

One Comment
  1. very nice put up, i certainly love this website, carry on it

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