CRB Index and Crude Oil Near Perfect Buy Setup; Gold Soars in *All* Currencies (Not Only in Dollars)

[Dr.No]

http://news.goldseek.com/GoldSeek/1257718800.php

"Commodities as measured by the CRB Index are pulling back from a long term resistance level around 285 to a long term support level around 264."

"Increasing the odds that we may see a new bull market in commodities is the crossing of the 10 week average above both the 43 and 65 week moving averages. From 1999 to 2008, that always indicated a new uptrend. (Note: these weekly moving averages closely correspond to 50, 200, and 300 day moving averages when taking into account market holidays)."

"As with the CRB Index, the 10 week average has crossed the 43 and 65 week moving averages to the upside. From 1999 to 2008 - also like the CRB - this always indicated a resumption of the [larger] uptrend in oil."

"Support is currently expected roughly from $74.50 to $71.50. We will add to our long position on any pullback near that area or a weekly close at least 1 percent above the $79.86 high from 2006."

"The chart below shows the gold price divided by the US Dollar Index Bearish Fund. In effect, it shows how gold is moving when measured in the currencies the US Dollar Index consists of. The index is a weighted geometric mean of the dollar's value compared with:

Euro (EUR), 57.6% weight
Japanese yen (JPY), 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona (SEK), 4.2% weight
Swiss franc (CHF) 3.6% weight

When gold recently broke out from a cup and handle formation, we stated that the pullback in gold measured in foreign currencies was providing an excellent entry-point. We also stated that gold appeared to be starting a significant move against paper currencies in general, not just the U.S. Dollar. That move accelerated to the upside this week, and the next likely hurdle for gold priced in the currencies that make up the Dollar Index is the February 2009 high. It may take two or more attempts to break that high (a significant high is usually not successfully broken on the first attempt)."

"Gold acted very well last week, rising strongly even as most other commodities fell."

[Dr.No]

Re: CRB Index and Crude Oil Near Perfect Buy Setup; Gold Soars in *All* Currencies (Not Only in Doll

My likely near term target (perhaps by late November / early December) for gold measured in U.S. dollars is around $1200 +/- a couple percent, perhaps followed by a 6 to 8 percent correction before an accelerating run to somewhere above $1400 (which could easily surpass $1600) by some time in the spring of 2010 (likely between March and May).

Anyone else have a target for where they expect gold to go during the present major move (defined as the move from the $681 low to whatever peak gold hits before the next roughly 20 percent or larger correction)?