Jim Sinclair’s Commentary

It is my opinion that the 7 hits at a meaningless number $1775 by the manipulators was done for the purpose of accumulating gold as the accepted standard the golden cross occurred.

Gold is going to $3500 and nothing is going to stop it. To assume the big boys will ignore what to the establishment is gospel and will be short gold to $3500 is nuts.

Patience my dear friends.

‘Golden cross’ indicates gold momentum turning more bullish
Fri Sep 21, 2012 1:19am IST
By Frank Tang

NEW YORK, Sept 20 (Reuters) – A "golden cross" formed on spot gold’s price chart gives bullion investors another reason to increase their bullish bets.

On Thursday, gold’s 50-day moving average (DMA) traded above its 200 DMA, which marked a golden cross in technical analysis, indicating bullion’s intermediate and longer-term momentum is getting increasingly bullish.

"Given shorter-term moving averages have all turned higher in recent weeks and the bullish price action recently, this golden cross today is an additional indicator of strength in an already strong market," said Adam Sarhan, chief executive of Sarhan Capital.

The previous long-lasting golden cross on bullion charts was formed on Feb. 6, 2009, and gold prices surged 11 percent in the following 11 sessions.

Technical traders and momentum-driven investors could buy more gold as the bullish formation will remain in place as long as the current gold price stays sharply above its 50-day and 200-day moving averages.