Feb 2, 2007

Gold Breakout Today

Below you'll find a P&F (Point and Figure) chart of GLD exchange traded fund (ETF) posing as a proxy for gold (one share of GLD equals 1/10 of spot gold price $/oz)

What you see here is a Triple Top Breakout (the three x's tops shown at $64 are followed by a break above that price for February 1st - represented here by the numeral 2)

The P&F "count" now is 70 for GLD, or -in other words- $700/oz. for gold.

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