Yesterday morning or afternoon depending on where you are in the world, gold hit my first correction target of $1170. Gold actually traded $1175 but it is close enough to say that it hit it and it moved off that price with authority. This represents an excellent entry point for gold, but is not a fail safe entry point as it is still halfway between the 50M and the 200M meaning that technically there is still a good chance that POG can correct to the 200MA at $1141. Any correction to $1141 should be quick and brief if it happens so be prepared to buy at that price point as well. We are technically entering into a strong buying season for where prices are seasonally strong and within super bull markets, cyclical bulls can be quite predictable and gold is seasonally strong from now until September in the very least with more strength coming in the late fall and early winter that usually extends the summer rally.
I am expecting gold to breakout above $1260 this August / September and now is the time to pick up some of these stocks on the cheap. I would enter half my position now at this point and buy the other half at $1140 if it gets there and if it doesn't would buy the other half on a breakout above the 50MA.
Some great stocks to buy... VEN.TO, EAS.V, CSI.TO, SAS.TO, KAM.V, DEC.V, FAU.V, CXT.V.
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