Investors Intelligence Bullish On Gold

It is always comforting when one’s thinking is corroborated by smart people. I wrote last week that we are approaching an opportunity area for gold and today I read that the Coe Report has just taken a long gold position for their accounts. The newsletter is a service from Investors Intelligence – the same source for the market newsletter editor’s sentiment that we look at in the weekly sentiment overview.

Tarquin Coe, the author of the report, suggests that the major trend is about to reassert itself as the gold price approaches its 150 exponential moving average and as the MACD falls down to previous levels that have coincided with market lows. In case he is wrong, he will be taking his cue from a sustained break below $125 for the GPDR Gold ETF (GLD) and the piercing of the 150 and 200 EMA. Coe’s first target for gold is $139.54 but he hints that it could go much higher as it is all basically blue skies with little resistance.

For another take, here’s a video from Adam Hewison of INO arguing that gold’s correction is not over. His rationale for standing aside is that there is a broad topping formation and the technical indicators that he follows are negative for both long term and short term. For the details see the short video after the link.

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to Investors Intelligence Bullish On Gold

  1. Pingback: Richard Russell Bullish On Stocks? Deja Vu All Over Again | tradersnarrative

  2. Tomo says:

    So are you actually long Gold or are just being a journalist again?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s