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Aden Forecast "Even if gold were to test $1,140, it would still be strong in a C rise."

ReportGold
Date05/20/2010
Loaded Date05/21/2010
TitleAnd They All Fall Down
Quote"The turmoil continues and it's now taking a heavy toll on the markets. All of the markets are falling. . .stocks, commodities, currencies, even gold and the other metals. They're all getting hit as ongoing concerns over Europe, China, the Gulf oil spill and the global recovery are keeping investors nervous and jittery. The U.S. dollar and bonds have become the safe havens for now. This may not last long, but we'll soon see.

Gold, silver and their shares are holding up the best. In spite of the over $50 fall this week, gold remains exceptionally strong within a soaring seven-week rise by staying above $1,180. Even if gold were to test the $1,140 level, it would still be strong in a C rise. Gold has been a safe haven during these turbulent times and it still is, in spite of the recent weakness. Silver is similar. Its rise is solid above $17.40. Our gold and silver shares are firm. They are solid with the HUI index above 422. Platinum and palladium fell sharply this week and more in line with the resource and energy sector. Their strong rise this year is now taking a calmer course in the bull market. Let's see if their respective $1,475 and $398 February lows hold. Keep your positions. The resource and energy sector have been hit hard. Copper and most base metals are still above their February lows, but others like oil, zinc and lead have fallen to a new low for the year. Copper (July) has support at $2.85, just as July crude has strong support at $69. Keep your positions because they are extremely oversold."