Gold rallies now what?
Gold has now bounced as I expected, we hit a high of 1225.2 today but closed well below that level. How much higher can gold go? Maybe to the 38.2% Fib at 1232.3 but i'm not counting on it. This counter trend rally is already looking weak. Just look on the cumulative volume, very weak so far. I suspect this bounce is just short covering and will be over soon, maybe another week.
Gold miners had a poor close and the daily candle is bearish. I re-entered some DUST today and will add on dips for the coming final drop in gold to 1180's. For physical investors I believe you will get a deep discount by next month, so keep some powder dry. GL
Good buy for physical now at such great prices.
I would wait. You will get it below 1200
I understand what your saying, If i was a stock broker, maybe, I don't know, but i would suggest to someone just getting in, to buy in and keep buying in all the way down, these are just rock bottom prices.
If it does go down, no problem, I don't disagree with waiting if you got the money, but if someone just getting in, this is for you, buy a little at a time but buy.
Down I expect as usual.
Haha yes soon
XAUUSD seems to be having trouble getting above 1219. IS it just the American traders shorting it down? I just have a gut feeling that the gold bulls are losing stamina. 1180 didn't look possible at the beginning of the week (to me) , but it sure is looking like that now.
Who knows I am still sticking to 1180 target. Yup gold bulls need to take it higher very soon. They need a close over 1232. I'm giving it another week to play out, if the bulls cannot mount a comeback we will break 1200 quickly
So far you and Curious have been pretty spot on.
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