Gold: What goes up… may just keep going up!
The yellow metal hit another all time high last week at $1915 an ounce and immediately suffered a sharp price drop to Wednesday’s low of $1701 at which point the buyers came out in full force and took gold back up to $1827 as of Friday’s close
We are short term bearish on gold.
If you can keep the short position is good because by the end of 2012 the gold will be around 1000. Very soon we will have a corection, if not a reversal, to 1600-1300. On the short term, days, weeks, the gold will stay around this area, where is now.
To me it looks like gold might has just finished the correction up and may turn sharply lower from this heights.. However stocks have yet to decline in coming week(s) to a new low (which means gold will probably be propelled up again or stay where it is now) and then rally into the end of the year before a major sell-off in 2012. And when stocks will rally in relief for couple of months gold will start falling
Every thing that goes up has to come down but has gold been up enough? Gold just not been going up as hedge against inflation but sure there are move drivers taking price up. Considering devaluaion in Dollar and other major currencies after 2008; gold may not have reached its peak as yet.
Feel Gold should remain on firm footing for some more time. Every bad news from EU or bad Economic Data should see gold higher from current lvls even if it means hisotircal highs.
do you see gold 2000 or higher before it corrects 1000 lvl?
Gold price has indeed been accelerating upside quite astonishingly! But calls for correction might just be too early. The recent sharp drop was predominantly due to a change in margin requirement by COMEX sparking a sudden sell-off to 1700. Technically if Gold breaks the previous high of 1907 conclusively, that prior down-move can be considered a correction and a buildup for a further upside move.
Supports are strong at 1557 and 1427. Unless the key fundamental drivers are weakened considerably, strong correction should not be presumed
on a short term you should be bullish on gold. I was bearish and I have crashed my account!!! You should have wait more before enter bearish. It was bearish. On long term, 2-3 years is bearish. For the moment is bullish. If you trade gold on short term, days-weeks you have to be very careful.
I see gold reaching 2000 before it will have a major corection or a reversal. I don’t see any improvement on fundamental economical data. Gold is still the save haven, like CHF, but diferrent, better.
What is going up it must come down and what is going down must come up-this is the only natural rule of financial markets but……gold is going up for now and is going to reach new hystorical highs.
I agree, be bulish until debt prob will be solved out …
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