Bull run is not over in Gold
|GOLD
Gold has made a DT at 1437/39....Now this is not to say that the bull run is over in Gold, but what we could be seeing is a correction. Now what I said Monday still applies....the break point is 1380..so anywhere down there towards that area say 1385 you should see buyers coming into that area...
However I still think Gold is a buy, so what we could do is buy into 1405....add towards 1380 and place stops then below 1374...I know that it seems a long way off..but Gold has been winging about this past 4 weeks....so there is a chance that the market can come lower...on a correctionary basis only...
We have to take stock that Gold has first the first time in 6 years broken 1380...this is a massive step...If you look at the longer term charts that I have been posting onto the group you can see that this break is a big deal and the return to break point of 1380 re-enforces that the market has made a break topside...
If you look at the monthly charts you can see long term Gold is in a uptrend...yes we have been capped at 1380 for 6 years...but it isn't now....so even if you are a short term trader you still have to remember that you are buying dips....Technical indicators are neutral....so as I said...either we buy down to 1405/1380...or buy a break above 1444..that clears the short term DT and sees the market a lot higher...
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