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Aden Forecast "The longer gold stays above $1,117, the more likely the lows are behind us."

ReportGold
Date03/04/2010
Loaded Date03/04/2010
TitleIntermediate Lows at Hand?
Quote"It looks like the lows may be behind us in the metals, currencies, commodities, and the U.S. and global stock markets. The asset classes continue to move together and opposite to the U.S. dollar.

Gold and the precious metals bounced up further this week from their February 5 lows, closing at a seven-week high today. Gold, however, is at a record high in euro terms. It looks like the D decline may be over, but it's still too soon to tell, in part because gold is down 13½% from its November peak, which is moderate compared to previous D declines. Because this is similar to the early years of the bull market, let's give it more time to be certain.

The longer gold stays above $1,117, the more likely the lows are behind us. A close above $1,152 would show strength, with no obstacle left until the November peak near $1,218. Silver and gold shares are similar. . .both closing at six-week highs today. They're now firm above $17 for silver and 167 for the XAU index. Let's now see if $18.20 and 183 can be bettered.

Platinum and palladium have been strong all along, bucking the D decline in gold. Both are approaching their January highs and if these highs are surpassed near $1,639 and $463, respectively, a clear and strong renewed rise will be underway. Keep your positions. If you want to buy new positions, now is the time to start averaging in."