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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