There are several ways to track the pulse of the gold market. The live spot price of the metal is the most fundamental measure. The COMEX gold near future price and gold index funds such as the XAU and HUI also reflect the market.
The problem for the investor and the commodities speculator is determining where prices will be in the future. Technical analysis provides a reliable predictor for future price action, and is therefore the primary analytical tool for many successful advisors. The following technical charts show predicted price movements of selected gold and gold stocks that enabled profitable transactions for clients of The Gold Speculator.
Here, near COMEX Gold showed a bullish triangle pattern at $685, with breakout that reached its price objective of $1000, and then retreated to the apex of the triangle. Clients who purchased and sold on our recommendations realized a 46% gain.
The COMEX pattern is a cue to look for gains in gold stocks, which may move more quickly than future contract prices. We recommended several gold stocks at the time. Rangold (GOLD) is a good example. GOLD hit its price target of $40 up from $28 at breakout, and continued to climb to $55 before pulling back to the apex. Clients captured the full 96% gain.
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