I'm in your camp...not sure about $750 though But I see at least a 50% pullback here from the $120 Nov-Feb rally. Maybe a touch under $500 even. See chart:
You know what's strange about todays trading on gold, good pullback on a down day on stocks and crude oil, hmm? I'll take it though, cmon $500 gold. Nice chart btw.
Everything was for sale today, including bonds and the dollar as well. Our foreign markets are feeling the heat tonight too. Thanks 'bout the chart!
Don't think this is the end of the downleg, the market was clearly overbought on concern over Iran, but really things moved WAAY too quickly, before any material damage had been done. Made some change on oil and will sell any rally until we get near the fifeties, I'll change my mind if oil exports or the weather disrupt this downleg...
no question oil was getting a bit fragile with the news on iran, weather patterns etc, and gold felt overstretched and in need of a bit of a breather, but yest's move seems to have started (on the charts at least) with sudden massive yen buying against all majors... now perhaps the oil & gold mass-sell order flow that created the observed correction came in first but fx spot moved earlier for whatever reason... fx spot tends to react / adjust quicker often times... but i'm no specialist...
Think the drop in oil was overdone, and close to support. Gold was way overextended and needs a correction.
would'nt be surprised if we saw more than a correction, now that Bernie is looking more hawkish, gold will be feeling that as a lot of it has been bought as a hedge against inflation but if inflation doesnt prevail as much as thought up until recently because of constant rises in rates then it might not have all that glitter about it.
maybe folks were simply booking some profits after taking a massive beating in natural gas and energy cracks. theres no shortage of oil, ng or gold. throw in the massive bonus' recently paid to hedgies and some feel like they own the markets, even, if they are down significantly for january.
I have to laugh at these elliot wavers......... gold will correct to $544,...then $524...then $600 I'm sure Osama can't get enough of Prechter's newsletter....