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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