$900.00 is Gold's new RESISTANCE

[increasenow]

do we see Gold back in the 900.00's?I see a trend down...thoughts?

 

[nazzdack]

$960/ounce may be a more obvious level. We'll see.

 

[spersky]

I think Gold is headed a lot lower before if goes back up. Technically the chart is Fubar. YOu would have to be nuts to buy and hold here, unless it is a very short term trade.

Even with oil banging out new highs daily, Gold cannot even follow. Gold goes up a few buck than gets driven down to almost the same levels.

 

[increasenow]

great call

 

[spersky]

Thanks,

I took one contract profit today and still have 2 runners. My profit that I locked in is already amazing. Only the greatest discipline prevented me from putting my whole account behind this trade. I felt so stringly about it.

 

[increasenow]

Quote from spersky:

Thanks,

I took one contract profit today and still have 2 runners. My profit that I locked in is already amazing. Only the greatest discipline prevented me from putting my whole account behind this trade. I felt so stringly about it.

where do you see Gold heading now?...$800, $700, $600?

 

[spersky]

My target is 740 over the next few months in the Gold Bear market. I will trade with short bias over that range.

For the short term, I am calling for about 20-40 points more immediate downside maybe even this week. We just broke the huge long term support from many months back in a very real way. Take a look at this chart. That is why I am so bearish.

This chart is from a few days ago which is where I have been baseing my trade.

 

[number22]

$1100 to 1200 before end of this year.

$1600 before end of next year;