Spot Gold Bullion – Weekly Trading Chart - September 3, 2009
Gold jumped higher today breaking out of its 6 month pennant pattern. If prices can hold into the weekend then I expect the $1000 per ounce to be reached quickly. Also Gold stocks took off like rockets, which are a strong sign that gold will follow through on this breakout. It will be interesting to see what happens from here.
BIGGER PICTURE FOR GOLD
The gold price has clearly broken out of its pennant pause pattern. The magnitude of the potential lift is roughly $70, from 910 to 980. Look for a 70-point lift from the breakout, which should take the gold price to around $1030 soon, real soon. The vast energy built over the last several months will come to power the move onward and upward.