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.
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.
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.