By John Galt
September 12, 2011 – 17:45 ET
This 3 month weekly chart of “Spam” aka “gold” indicates that the strength in the move is still intact through last Friday. However, it does not, I repeat, not indicate today’s close which puts a dent in the can. One thing is for certain:
Even a correction to $1650 per can, er, ounce, would be healthy unlike fried Spam in vegetable oil for the long term uptrend.
If this is the true consolidation and correction that is long overdue, it is not time to panic but to watch for another buying opportunity if one is looking to purchase gold before it blows through the $2,000 then $2,500 level.
(Click to enlarge/reduce)