It’s The Eighty

We think the 80 week exponential moving average is valid to identify support for gold as 2004 identified that as a support pivot. After the recent pounding gold has taken and the high anxiety gold investors have been feeling as of late, we thought it important to have a clear cut line in the sand for those who are concerned about gold entering a bear market.

Now, if gold does turn around and take the 80 week EMA out to the downside, one would have to consider an appropriate course of action. But until that time, we aggressively buy support.

This weekend’s Thirdeyeopentrades newsletter will be evaluating the sector. If you have yet to evaluate a paid subscription, simply e-mail a request and we’ll send you this weekend’s to review at no charge. Tell us Gold-Eagle sent you and we’ll offer a special rate thru Labor Day 2008.

http://tinyurl.com/6g67v4 (link to live chart)