By Lawrence Williams:
Gold has been continuing its recent price pattern this week - moving up, consolidating, moving up again and reaching new highs on each upwards step. Markets are a little fickle, but there does seem to be a certain momentum developing which, on the current pattern will push the yellow metal through $1300 and then perhaps go on much higher. As long as continuing doubts remain about the true state of the global economy, and about the moves being made to try to stop major economies descending into depression, which tend to be gold positive, one can see little reason why this pattern should not continue.
On patterns over the past few years, September is usually a good month for increases in the gold price and obviously this year is no exception - but beware - October is more frequently a month of consolidation and as often as not sees a falling back before a surge in the final couple of months of the year. Obviously whether this year follows this recent pattern remains to be seen, but as Harmony's Graham Briggs was recently quoted as saying on the sidelines of the Denver Gold Forum this week - "Three thousand dollars is unlikely at the end of the year, but if someone said fifteen hundred, that wouldn't strike me as too crazy a statement.".....read on
No comments:
Post a Comment