Weekly Gold Chart. Get Your Bull Horns On

Here’s a weekly chart of gold. You can see that not only did it break out to the upside, but volume is increasing.  Therefore, any calling of a top is premature.  We’ll know the near-term top when we see it in the rear-view mirror.

You know (if you’ve been reading me for any length of time) that my intermediate-term target is $1,300.  Originally, that was for all of next year, but considering the move we’ve seen recently, I’m moving that up to the first half of 2010.

My longer-term target on gold is $1,650.  It will be a bumpy ride — buy the pullbacks.

Meanwhile, silver (SLV: 18.22 -0.04 -0.22%) has been underperforming gold (GLD: 112.94 +0.64 +0.57%) in the last couple days.  That’s not what I was expecting. Stay tuned.

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