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Written by Larry Edelson -Uncommon Wisdom
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Tuesday, 12 April 2011 08:35 |
If you’ve been following my work closely, then you know the markets have arrived at critical turning points.
We now have …
Two consecutive daily closing prices in gold (basis New York spot on the NYMEX) above $1,453. That indicates an important upside breakout for gold on my cyclical and technical models.
Gold also penetrating up through an important technical resistance level at $1,463.
In addition, we have …
The Dollar Index continuing to weaken and now very close to taking out its March 22 low of 75.505. This is a potentially very bearish sign for the dollar and further supportive of a rally in virtually all commodities.
We also have an initial buy signal in the Dow Industrials, as it has now closed above 12,391 on two consecutive days.
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