Gold rallies with Obama likely winner
By Colin Twiggs
November 7th, 2012 1:00 a.m. ET (4:00 p:m AET)
Barack Obama appears to have secured sufficient electoral votes to win re-election. The move may indicate anticipation of easier monetary policy and larger fiscal deficits than under Mitt Romney.
Spot gold rallied to test resistance at $1725 per ounce. Note how the metal tends to move in increments of $25. Frequent penetrations of the declining trendline indicate the correction is slowing. Breakout above $1725 would indicate an advance to $1900*. Breach of resistance at $1800 would confirm. A 63-day Twiggs Momentum trough above zero is likely — and would signal a primary up-trend — while reversal below zero is unlikely and would warn of a down-trend.
* Target calculation: 1800 + ( 1800 - 1700 ) = 1900
The President is always abused.
If he isn't, he isn't doing anything.
~ Harry S. Truman