ZeroHedge reports about BofAML Bullish Call on Gold. This technical analysis bodies well with our own observations. Weekly closing on US Dollar below 80.00 and Gold above $1300 will be very important on Friday.
"We are following here very talented HedgehogTrader - he has developed very interesting trading system based on combination of technical, fundamental, insider buying analyses and proprietary Alpha Signals. He has issued the Call on CDNX today.
It goes well with our own recent observations, and you can find more on HedgehogTrader work at his website and twitter. He follows McEwen Mining and TNR Gold as well. If this his Call proves to be right again, these two companies will benefit from huge Short position in McEwen Mining and any positive developments with Los Azules copper project in Argentina."
"Peter Degraaf has produced a set of very interesting charts which we would like to share with you today. Gold is at the very important juncture now and when Jim Cramer is talking about "U.S. as a laughing stock around the world" the "serious investment" public will take notice."
BofAML's MacNeil Curry is changing his view on gold from bearish to bullish. The impulsive gains from the 1251 low of Oct-15 and break of the two-month downtrend (confirmed on the break of 1330) tells him that a medium-term base and bullish turn is unfolding. BoFAML looks for an ultimate break of the 1433 highs of Aug-28, with potential for a push to 1500/1533 long term resistance. In the next several sessions Curry suggest buying dips into 1309, cautioning that this bullish view is "wrong" if gold breaks below 1251. For those awaiting additional confirmation of a turn, Curry notes you need to see a break of 1375 (Sep-19 high & right shoulder off a multi-month Head and Shoulders Top).