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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