The following comments were emailed to Myra Picache, Financial columnist at Marketwatch.com on Thu 9/1/2005 7:18 AM:
Many times, when I’m asked to predict the future course of a market (and humbly decline!) I like to look at where the market’s been in order to get an idea where a market may be going. To get a better perspective on Gold, I’ve included a monthly chart for your review. The long-term chart clearly shows that Gold continues in a major uptrend and that the current market action is nothing more than a consolidation period which most likely will lead to the next major upleg in Gold. These weak rallies that we are seeing in the Dollar followed by sharp reversals are a pretty good sign that the greenback, for the longer-term, is in trouble. I continue to believe that Gold should be bought when it reaches the lower end of the trading range and I believe that this recent decline may end up being the last dip before the next big move.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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