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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