Gold And Gold Bottom Picking In September 2008Gold bottom...the evidence is getting stronger every day that gold is about to turn around. As we enter September 08 Gold is down a little over $250 from it's all time high of 1033 in March 08. So the question of the day is... was 777 in the Dec contract the low or do we need to go a little lower before the floor is in. If 777 was not the low we are within a stones throw of the gold bottom. For the physical buyers of gold this is the perfect time to add gold coins to your hard asset portfolio. Besides all the technical evidence that we are putting in a low in September, the seasonal turn up this time of the year. Take a look for yourself, at the seasonals, showing a gold bottom occuring in the first couple weeks of September. This happens more often than not. It is especially true when gold has been declining going into September.So not only do we have a strong possibility of a gold bottom, we could have a very strong rally back to the highs of March 08...that was gold at 1033 level. Gold...Dec More downside action is to be expected. Look for resistance 834-835 827
Support 793-794 near term 777 August low 751 Strong Support 725 Closes below this level and the Bull is in real trouble...very unlikely we will get below 733. Most likely turning point low Sept. 17-19 which will likely be the low before we begin a strong year-end rally that could very well last into late March... either challenging the old highs or best case senario for the Bulls...1145 and finally 1650. An alternate possible senario, and just as likely is a low in Sept, with a rally to follow. Then a test of the Sept lows in March 09. Keep in mind that a test of lows, could mean that it holds above the September lows by as much as a 50%. be sure to subscribe to Trader Jack's "Smart Trading Tips" newsletter.
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