I think we could see new all time highs today... that's what? 1215$ an ounce? In a way we already are at all time highs today.. Given the USD apreciation as of late.
1180 was a big number on the way up/down before so it could be a number to watch. Gold has a parabolic shape to it since its low on April 18th. The question with parabolic moves though is always when does the parabola end?
The highs of 1226 have been broken... up up and away. You all got a good entry from me. Happy trading
Anyone still following this trade, I've updated the elliott wave count... we're either up in final 5th wave or we are in a big wave 3, which looks less probable.
I'm still in and think we could be on the verge of another major bull run in gold. The fundamentals are supportive - low interest rates around the world, persistent debt default and fiat currency concerns. IMO a time to be concerned about gold is when major central banks start hiking rates aggressively. That could be years off. Just like rate hikes in early 2000 were the signal to start booking profits on the dot.com boom, so it will likely be the case with gold. A return to hawkish hard-money policies at the Fed and ECB will probably coincide with gold's final bull market blowoff.
Took out the highs today, have an ultrabullish count off the recent lows that would push us up at least 100 bucks from here. Just one scenario, trailing stops are key at these levels.