Another week Crude oil and silver demonstrated serious strength this past week, with gains of 3 and 4%. For gold, the bulls and bears are currently in a heavy fight. There is good support at 1,665, but very strong resistance close above where we are right now. 1,695 is taken out, although it dropped back slightly afterwards. As mentioned last week, the 1,715 now is my next target.
Also the general stock market was strong, where various indices reached fresh five year highs. Our beloved Sandstorm, craw out of her shell and jumped 5% for the week. It looks as if we have left the consolidation pattern, that last exactly three months, permanent behind us. This is what I wrote a few weeks ago:
You can also take a look at the weekly bar chart, where support can be found at $11. Interesting to see is that after the tops in the past (April 2010 and July 2011) it took three months to consolidate and to find a bottom (July 2010 and October 2011), after which the rise continued. If the same pattern repeats again, the top in October 2012, would be followed with a bottom in January 2013 (probably around $11) after which fresh highs will present themselves.
Here is the updated chart:
For me, there are no negative signs on this chart, other than the downward slope line from the top in October, which I, for this occasion, draw in the GOLDEN color today. A Belgium/Dutch newsletter called slimbeleggen.net will have coverage this week of a new streaming company, which is not discovered yet. The company has demonstrated gigantic growth in the past few years. It has a proven business concept, and their predecessor shows it has 10 bagger potential. We all know which company they are talking about ;)
With some new support from my fellow country men, Sandstorm can reach to a new all time high pretty soon !