Monday, August 12, 2013

Gold Stocks - Seasonal And Technicals Suggest Higher Prices


Above is a daily chart of the gold stocks index symbol XAU and as you can see we have a head and shoulders bottoming formation taking place. Today we saw the XAU index trade above the neckline confirming the bullish pattern.

On a seasonal basis we usually see gold and gold stocks make their greatest gains during the months of August and September . When you combine a bullish seasonal with a bullish technical chart pattern such as we have now, I think the odds favor higher prices in the weeks to come in my opinion. As always. we'll see what happens!

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