gold - where to now?

  1. 9,081 Posts.
    It looks like the recent retracement in the gold price has tested the $351 (US) low of June 12 and bounced away from it - a bullish sign which may not see gold again in the low $350's for a long, long time.

    Tonight will be interesting in New York for a confirmation of this. A close below $351 could signal a fall down to the high $330.s - highly unlikey but, anything is possible.

    The big picture trend? Gold is still in uptrend and with the US$ still under immense pressure is likely to remain so for a long while. US interest rate cuts may temporarily prop up the ailing US$ but where to after this rate cut? There are not too many bullets left in the chamber for Sherrif Greenspan to fire at the 'economy wreckers'.

    Once gold moves above $365 again it will rise much higher and very quickly.

    Only if it falls below $319 would the current uptrend come unstuck.

    That's it from my cracked crystal ball - NCM's strong rally today seems to be pre-empting gold's coming upward move.
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