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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