sbs johnny-come-lately gold bulls

Catherine Davey
General Market Overview
By Catherine Davey, 24 Nov 2003


Gold

Gold has closed above its February highs and has been consolidating above them since November 12. However so far there has been no follow through to the upside. From a technical point of view the break of $400 is a given, but ask any commentator and he'll say $400 is the mighty impasse that must be crossed before a bull market can be formally declared for gold. The latest price action is building tension under the $400 mark. This would imply a break above $400 explosive - confounding the gold critics and leaving behind a lot of Johnny-come-lately gold bulls.