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August 9, 2009 / Jeb

Gold Symmetrical Triangle, Inverse Head and Shoulders, Going to be a Major Move.

GLD

Gold is continuing to work its way to the apex of the ascending triangle as it builds up strength to move through major resistance at the $1000 mark.  Notice the inverse head and shoulders.

On another note I am impressed by the markets extremely bullish movement.  I mentioned that this rally off the failure of the head and shoulders pattern would be explosive.  It has made many stock charts technically bullish and appears to be a bear market bottom as many charts appear to be basing.  Many stocks that are trading at discount are moving considerably higher.  This could be an extremely opportune time.

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