Update February 29, 2012: A key phrase from Mark Leibovit’s VRGold Letter “Action Alert” dispatched today:

“Gold prices were selling off Wednesday after Federal Reserve Chairman Ben Bernanke indicated that an additional round of quantitative easing was becoming increasingly unlikely. We’re experiencing a ‘flash-crash’ type scenario today which in my view presents a bigger picture buying opportunity.” – VRGold Letter

Update 3:18pm Feb 27: Gold (below) has formed a broad head-and-shoulders bottom with the upside breakout coming in at 1800. April gold has been hammering on the 1700 support level for days, and so far 1700 has held. If 1700 won’t give way, then gold should be able to take out 1800. What won’t go down — should go up. At least that’s the theory – written 2/27/2012 in Dow Theory Letters

Meanwhile, gold pops 20 bucks. Pick a hammer and hammer down on a wood board 20 times. The board doesn’t break, which means that’s a mighty tough board. Now hammer down on 1700 dollar gold 20 times. And the 1700 base refuses to give. So you know that 1700 is a tough base for gold. Today April gold closed up over 32 dollars to 1758.50. This puts gold over the halfway point of 1750 and looking at 1800. If gold won’t break below 1700, will it go over 1800? There’s at least a good chance. – written 2/21/2012 in Dow Theory Letters

GOLD – ACTION ALERT – BUY

(written Feb 27/2012)

Spot gold touched 1789.10 Thursday and retraced to 1769.20 on Friday. We should have seen 1764.00. Downside risk is back to the 1730s should we see another ‘smackdown’. Next upside objective 1840. Spot silver continued high Friday trading at 35.84. I would like to see a pullback to 34.60. Still targeting to 37 and then the low 40s. Copper pushed higher touching 3.8823. It’s coming off 3.702. That was the recent low following the February 8 high at 3.9850. I’m looking for 4.48+. Both Palladium and Platinum corrected Friday following new recovery highs Thursday at 729 and 1740, respectively. – Sign up for a 30 Day Trial offer with Mark Leibovit’s  VRTrader. More information at the end of this article.

Gold, Silver, Platinum & TSE Gold Index Charts & Technical Analysis below by Don Vialoux:

Gold gained $49.50 per ounce (2.87%) last week. Support is at 1,523.90. Resistance at $1,804.40 is being tested. Short term momentum indicators are overbought, but have yet to show signs of peaking. Strength relative to the S&P 500 Index remains slightly positive.

Silver gained $2.14 per ounce (6.43%) last week. Intermediate trend changed from down to up on Friday after resistance at $35.70 was broken. Silver also broke above its 200 day moving average on Friday. Short term momentum indicators are overbought, but continue to trend higher. Strength relative to gold remains slightly positive. ‘Tis the season for silver to move higher!

Platinum gained another $87.50 per ounce (5.37%) last week. Intermediate trend changed from down to neutral on a break above resistance at $1,676.40 per ounce. Platinum also broke above its 200 day moving averages last week. Short term momentum indicators are overbought, but continue to trend higher. Strength relative to gold remains positive. ‘Tis the season for platinum to move higher!

The TSX Gold Index gained 16.47 points (4.46%) last week. Support is at 346.24 and resistance is at 395.64. Short term momentum indicators are trending down. Strength relative to gold remains negative.

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