GOLD settles back again while the market rises
Gold has finally gone down as the market has gone up. On March 17th I said the following, "If Gold can get back below 900 watch the market move up more strongly. Gold is at 916 in pre-market. The low closing last week was 905. We were as low as 820 in January and I can see Gold pulling back significantly to these levels if news continues good."
As we now know from the 3 month chart above, after that statement on March 17th, Gold shares soared after the treasury decided to buy back Treasury notes, going to 952 before settling in back at the close Friday of 880. That is a significant pullback and shows the rally for the past 30 days is for real. Watch for moves up in Gold to signal a market reversal.
Labels: chart, Gold, gold prices, gold trend
posted by Charles Amico at 10:10 AM
2 Comments:
Good prediction, huh? You seem to be implying, too, that gold will only be down temporarily and I'd say that's right. Anyone thinking we're out of the woods yet as far as market conditions are concerned is living in a fool's paradise.
Charles, thanks for adding graphs to emphasize and support your comments. Pictures speak very loudly.
Best, Mac
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