Gold still consolidating before blast off. Today I have to laugh at its reaction to the market decline and increase in volatility, as well as its response to the dollar and USD/JPY. Market makers simply took gold down early and kept it down even though it tried to break up for a bit. Still need to get over $1,250 then $1,260 and we are off to the races. Would like to see it come very soon here.
The dollar is screaming for gold’s attention. Our target for the dollar is 93.05 and below that, gold will take off to $1,300 and then $1,400. The inverse relationship of gold and the dollar will return soon. Maybe tonight.
Meanwhile; the stock market. These faces say it all. Money will eventually flow to gold for a bit.
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
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