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gold is nothing more than a translation for the
buying power of the dollar. If you really want to see where gold is going
look at the dollar chart. Everyone is looking for the demise of
gold. It is down a big 10%. There is currently downside pressure
being applied to gold and yet price hasn't been able to take out the previous
low. Price has hit the entry price for a move higher with a price
objective of 920. That move is in force until 845 is hit. that is
the only thing that will void that move higher. The entry price for a down
move has been hit so an exit from a long position would be called for. If
you want to get short us a put and control your risk.
On the long term chart I have support at 834 and a
target price for a down move at 773 and there is downside pressure being applied
to that chart also. If anyone thinks that the inflationary spiral is over
they had better do some more research. The commodity boom is not over
yet. It may be a little long in the tooth, but watch out, it can still
bite you.
Is the bull market back in gold? Only time
will tell.
Just one man's opinion.
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