Friday, January 28, 2011

Here's where Gold prices are going!

People are getting a bit nervous as they see Gold prices retreating. Today they hit another recent low down to $1319 as the rioting in Egypt continue. However this drop in Gold started back at thew beginning of January as is shown on the chart I have added below. You will also see the red line I have drawn on the chart which shows how low we are going to go in the near future.

As you can see the short term plateau is around $1275. What happens from there is anyone's guess.
The Dow Gold ratio will close even higher today and is already at 9.1 if the Dow closes at 12,000. Right now the Dow is down 44 to 11,945, so I am being conservative in my estimate.

But there is a synchronicity happening here and coincidently with the stock markets hitting their peaks. That is why I have said that Gold prices are the canary in the mine for the stock market. I know I am contrarian to most all market commentators. Time will tell who was correct in their outlook.

Labels: , , ,


Post a Comment

<< Home

Technorati Profile