Since July 31, gold has fallen hard ― by more than $100 an ounce. But don’t be fooled by this move down. As I’ve said many times before, gold’s bull market is far from over. If you look at the big picture, you’ll see the larger trend that’s very bullish for the yellow metal.
In fact, this short-term downside move may well be coming to an end. As I expected, gold has broken the $850 level and has come within a few dollars of major support at the $800 price point.
It should bottom here, or possibly a tad lower at just under $800. Either way, the bulk of the pullback appears over. The dollar’s recent rally, likewise, is nearly over.
Related posts:
- What The Heck Is Going On With Gold? The top question I’ve been getting from subscribers these days is about what’s going on with gold and whether or...
- Gold rallies to 2 1/2 month high – where to… While the dollar dropped to a two-and-half month low against the euro yesterday, gold closed at a fresh two-and-a-half month...
- Which way will it go? Dollar’s bouncing a bit, yet oil remains at record highs. Gold is consolidating, getting ready for its next move. Which...
{ 2 comments… read them below or add one }
Happy Thanksgiving! What’s your opinion of Canadian oil trusts. Bought 15000@21. Nice dividend but man am I paying for it. Tom
Larry, Bought GLD at $98 in March this year. It is 2/3 of our life savings — 1200 shares. Today GLD crashed to $77 per share. I have been reading your articles for years– you are still bullish on gold, but firms like Goldman
Sachs lowered gold to $745 for the next 6 months. We feel very uncertain about the situation. Shall we cut the loss and keep what we have left? Please help. Thanks! C. Anderson