Tonight will be Christmas eve, but Christmas is coming early for gold and silver bulls as the price of gold rallied yesterday to close above its 50-day moving average and test key resistance.
Many gold stocks actually went to new highs as NEM closed for a new 52-week high for the year yesterday and so did silver giant PAAS.
Some mining stocks are providing great entry points on their charts. Take a look for example at RGLD.
RGLD has built a nice base to launch its next rally off of. Once it closes above $120 it should begin. Anyone could buy its now and put a stop loss on it under $115, the points of its 150-day moving average.
That creates a low risk/high reward setup.
I did an interview with Jim Goddard of www.howestreet.com about the overall markets and gold and silver. To listen go here:
Have a great Christmas!