In the long run, I hold a very positive view towards gold. with the current monetary policy, it’s just a matter of time for Gold to reach $1,500 or higher and the chart supports such a run. However, I believe the trip of gold marching higher will not be that smooth. There are so many people hold the bullish view towards gold like i am doing here, so there must be some volatile movement in the 600-1000 trading region before it finally takes off.
Today GLD broke down a key supporting line and left a big gap behind. I guestimate we will not fill this gap in the coming months and GLD may visit 80 region first before any meaningful move.
1 Good Insights:
looks like an inverted H&S to me.
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