Gold has run into strong resistance every single time it has tried to trade past the 1140 mark. Secondly, it behaved very strangely on Monday and today (Friday, 12th march 2010) by dropping in the face of a lower dollar and this at least in the short term suggests that Gold is more likely to correct than trade to new highs. The weekly sell signal has been neutralized but not invalidated, and once it is activated again it should lead to a rather sharp pull back.
The most important development to pay attention to is that Gold might finally be trading as currency; if this turns out to be true then it has to be viewed as extremely powerful and bullish long term development. If Gold should pull back strongly, view it as blessings from heaven and add to your positions for it might be the last chance you get to purchase bullion below $1000.
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The most important development to pay attention to is that Gold might finally be trading as currency; if this turns out to be true then it has to be viewed as extremely powerful and bullish long term development. If Gold should pull back strongly, view it as blessings from heaven and add to your positions for it might be the last chance you get to purchase bullion below $1000.