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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