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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