Gold Passes The Ideal Buy Point (In Foreign Currencies)

According to Weinstein Stage Analysis the ideal buy point is the breakout above the 30-week moving average on heavy volume after a Stage 1 base.  The next best buy point is a retest of this breakout if it occurs.  In terms of foreign currencies (anything except US dollars) gold has crashed through the 30-week moving average to the upside and has passed its ideal buy point.

Now there has been a lot of fake breakouts in the past year in gold which is why I think this breakout isn’t being paid much attention to.  2014 was a full year of basing and faking bulls out especially with the late fall plunge in gold due to a parabolic U.S. dollar.  But even though there is a lot of apathy towards gold the fact is in foreign currencies gold is on the cusp of a legitimate bull market.  If gold can get above $1350 in dollar terms then gold will be in position to produce an ideal buy point in a gold bull market in U.S. dollars.

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