The Guy Bagging My Groceries Just Told Me That Gold Broke Out To New Highs and That The Dollar is Finished

I have to admit that on the Daily charts, GOLD looks extremely likely to continue higher.

On the long term charts, it is in a strong sustained uptrend.

The sentiment situation seems out of whack and skewed to the upside.

The good thing is that you can be long with a defined stop loss somewhere around the $1000 level.

Sentiment Alerts:

Last night on CNN they told me that the dollar was finished and that GOLD was at new highs.

Today on Bloomberg, literally everyone and their mother was quoted as calling for GOLD higher.

Short Term GOLD



Long Term GOLD



Long Term Goldcorp

Annotated $SILVER

$SILVER is pushing higher today... To generate a convincing long-term BUY signal we need to see it take out the most recent highs around $21/oz...

See This Chart on Barry Ritholtz's blog, "The Big Picture"

$GOLD - Spot Gold

$GOLD - Spot Gold

Metals Miscellany

GOLD

$GOLD, (Spot Gold) broke out of a lengthy SYMMETRICAL TRIANGLE CONSOLIDATION, and has since moved up $250, touching the $1000 level but failing to eclipse that round number. It wouldn't surprise me to see an short-intermediate term pullback maybe even back to the breakout levels around $775. However, in a ripping uptrend on a long term basis.

LONG-TERM SILVER

$SILVER, (Spot Silver) made the massive move up from the $4 range until it finally broke out over the $15.20 level. After eclipsing that mark it has since moved up to a high of around $21. Similar scenario to $GOLD; I can see it really pulling back to shake out the "weak longs" only to move much higher in the Long Term.

DOW:PLATINUM

$INDU:$PLAT, (Dow/ Spot Platinum Ratio) is probably the craziest chart ever. This ratio has dropped from the 30's all the way to 5 in the past decade. Recently, $PLAT (Platinum) has spiked and this ratio had literally plummeted as the major indices are pulling back as well. Finally we had a big pullback in Platinum on Friday.

$PLAT - Platinum Futures

***PLATINUM UPDATE***

On January 26th, I posted about $PLAT, the Platinum Futures... In particular, the WEEKLY chart showed a clear cup and handle consolidation pattern that had broken out to the upside violently. It turns out there was a strike in the South African mines. However, in the past couple of weeks we have seen a massive jump in the price here. The RED horizontal line represents the old highs and the DARK BLUE CIRCLE captures the recent jump...As far as shorting it, I wouldn't get in the way, just keep an eye on it...