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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