Welcome to Festival of Stocks #7, hosted at GoldStockBull. This week’s edition will be short and sweet, but is filled with good content. To find out how to participate and host this carnival event, go to the home page of Festival of Stocks. If you haven’t subscribed to our email yet, please do so and you will be entered in our contest to win a 10-ounce silver bar. Enjoy!

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A few weeks ago, we predicted that gold and energy would remain range-bound until after the elections. This range has held pretty tight since the September correction, with gold dancing around between $570-$600 and oil trading in the $57-$60 area. October has been a good month for gold, with the price steadily climbing from a low of $560 to over $600. This uptrend has excited some goldbugs, but we don’t foresee any real movement until after the mid-term elections. In fact, gold has since slid back under $590 and is looking to have a very weak opening in the Asian markets. Amazing really, considering retaliatory threats by both Iran and North Korea. Not to mention that October has already become the deadliest month of 2006 in Iraq. But pay no attention, the Dow is marching on and has broken the 12,000 benchmark going into the final two weeks before the elections. You would have been hard pressed to escape the media blitz shouting the news. Good times are here again.

That one was too easy to call. Our previous post suggested picking up some blue chips or going long the DIA in anticipation of continued strength. That strategy has paid off over the past few weeks and should continue for a few more. But you might consider trailing stops as we move closer to November 7th.

Continue reading Gold Technicals Turning Bullish