PIMCO's Tony Crescenzi says the FED wants to push Investors from money market funds. I bet this is not a good idea. Following the comments, Gold rose to an intraday high of USD 1259.75. The ultimate Resistance that has to be broken is @ USD 1269.5. Wether the FED wants to push Investors into equities or commodities remains to be seen. For now, only Gold is on the rise. Gold is now moving out of a bigger triangle on healthy momentum. Unfortunately, the strong downside momentum impulse has been erased with the strong rebound on Friday and the chances to buy below USD 1244 are suddenly very small. A better place to look at right now are Gold Stocks.
XAU 60'
A stock that is ready to break out to the upside is NovaGold (NG). A break out of the trading range would take place at USD 7.56. The break out would be confirmed at USD 7.84. Take the 20 Day Moving Average for a close Stop loss. The rally is over if Novagold falls below USD 6.70.
NG Daily
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