RE: HGD or HGUSell HGU buy HBU? Looks like HGU is overbought and HGD is the play-of-the-day; HBU is holding support and looks like a buy; IMHO, the time to get back in HGU will come again. Thoughts? GLTA
Honest Money Gold and Silver Report: Gold Bull Alert
by Douglas V. Gnazzo
Gold closed above the important $850 level. This re-establishes gold's intermediate term trend as bullish. Further confirmation is needed with a weekly close above $850.00.
As long as gold stays above $850 the intermediate term trend will remain bullish. Short term anything can happen.
The direction of the dollar is of major importance for gold. If the dollar continues down - gold will continue up. Gold will fall if the dollar goes back up.
Gold's daily chart shows a powerful right-angle ascending triangle formation with a breakout above resistance marked by the horizontal line at $825.00. Price has closed above its 200 day moving average as well.
Gold may be a bit overextended short term and in need of a consolidation before advancing on the next major move, which will be an assault on $1000 and $1200 later in 2009.
https://www.safehaven.com/article-12118.htm