25 January 2011

Gold Daily and Silver Weekly Charts, Royal Gold and the US Dollar: Gold Deeply Oversold

Obama delivers his 'State Of The Union' speech tonight.

Tomorrow is option expiration on the Comex for precious metals. The FOMC will also be announcing its rate decision.

This intermediate gold top and correction bears a striking resemblance to the May - August 2010 top and correction just prior to gold's amazing breakout rally.

I think the next four weeks are going to be quite interesting in a number of dimensions, and through the chill of winter, a portent of Spring is in the air.