Thursday, September 20, 2007

Point and Figure charts

Since we were discussing the Point and figure charts in the last thread I thought I'd put them up. Breakouts in Gold and XAU. SLV has reversed the down trend. The bullish price objective on gold is $900. SLV is almost $190 which would be $19 silver and the XAU is coming in at $274. That would be pretty close to my observation that each major upleg has resulted in a 100% swing for the XAU and HUI from trough to peak. I wouldn't even think about trimming any of my PM positions until we get to those levels.