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Richard Russell: Gold has officially broken to the upside
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Thursday, August 06, 2009
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From 321 Gold:

The P&F chart of GLD (which is a reasonable proxy for gold) is well worth studying.  As I write GLD is trading at 94.68.  At 95 on the chart GLD will have broken out on the upside.  A breakout from this formation would be very bullish and could take gold toward an attack on the highs.

Flash – as I finished this section GLD hit 95.12.  This up-to-date chart shows the breakout.  The breakout gives us a P&F “count” to 105.  August gold closed up 10.90 to 967.50.

Good action, no dramatic surges, just steady quiet rises.

Hopefully, nobody’s noticing.

See chart...

More bullish posts on gold:

Guru Schiff says gold due for "spectacular" rally

Investment legend reveals where he's keeping savings right now

Master money manager walks away from gold ETF... goes fully into bullion

Read everything we've posted from Richard Russell.

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