Gold — Not much change. Gold is following its 150-day MA as seen on the chart below. Currently gold is rather far above its 150-day MA, which probably means that gold should stall and consolidate for a while. Richard Russell 08/18/2011

—-previous comment 08/02/2011

Stock Market Trouble & Gold $1,880

As the gold price doggedly trades above $1,600, the Godfather of stock market newsletter writers, Richard Russell, recently wrote that he’s targeting $1,880 for the king of currencies, gold.

“There isn’t much clear and defined in this market except for gold,” stated Russell, the author of The Dow Theory Letters.   “How much of this is based on the Washington shenanigans I don’t know, but once the debt boost is solved the test will be whether gold tends to hold its gains.  By the way, the P&F [Point & Figure] chart shows a price objective of 1,880.”

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