Gold climbed higher on Friday and finally broke through the $1,200 resistance level and silver climbed higher as well. The mining stocks gapped up higher but like the price of gold, didn’t really gain momentum the rest of the day.
In Thursday’s report I said about UGAZ; “I’d be a buyer if it broke over $18.81 or a buyer of DGAZ now if it broke over $2.90, with stops of course.” We got within 1 cent of the buy for DGAZ and I would probably be a buyer of it Monday if we hit that price, with stops of course.
I might be a buyer of USO at $29.15 on Monday. We may have finally got the short term bottom in oil.
The long term trend has been DOWN since Sep 11th, 2014 at 119.42
The intermediate term trend has been DOWN since Oct 31st, 2014 at 114.94
The short term trend has been UP since Nov 18th, 2014 at 114.72
The long term trend has been DOWN since Sep 11th, 2014 at 17.98
The intermediate term trend has been DOWN since Jul 15th, 2014 at 19.93
The short term trend has been UP since Nov 19th, 2014 at 15.72
The long term trend has been DOWN since Sep 25th, 2014 at 22.00
The intermediate term trend has been DOWN since Sep 4th, 2014 at 25.62
The short term trend has been UP since Nov 17th, 2014 at 19.18
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.