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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