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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