Friday 26 February 2010

Pound gold: blast-off or bomb-out?

Who can say. Take a look at this chart and see what you think.

Very shortly, the price bumps up to the previous all-time-high price from a few months ago and either it will blast off through it to new all-time-high somewhere higher, probably significantly higher. Or it will "double top" and fall away over the coming months, probably to a place significantly lower. Be interesting to see what happens at this critical juncture in time.

I would take this opportunity to refer you again to my recent posts about (a) the technical chart of the Pound, suggesting possible bad times could be ahead for holders of Pounds, plus also (b) the technical chart of the Baltic Dry Index displaying similar characteristics, again hinting at bad times ahead but this time for the global economy as a whole.

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