COULD THIS BE YOUR ENTRY POINT?
August 18, 2008
In an interview this morning on CNBC, Louise Yamada of Louise Yamada Technical Research Advisors stated that technical indicators for gold remain bullish. She also advised investors to accumulate gold in the downdrafts once it has stabilized.
Getting Technical
“Longer term, we are still [bullish on gold]. One of the things that have happened is that gold broke its support—its 8-month support—at $850. So the possibility of pulling back to the uptrend at around $760 still exists. We have to remember that it’s been 2 years since we had the major corrective pullback, which was also about 25 percent in 2006. So this is all part of the normal consolidation corrective cyclical bear market that occurs within an ongoing bull market environment.”
--Louise Yamada, Managing Director, Louise Yamada Technical Research Advisors
Watch the video at: http://www.cnbc.com/id/26273937/site/14081545
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