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Sunday, April 20, 2014

Gold may take it on the chin, hardcore

I am looking at the gold futures, and I am seeing that gold price is violating the trend line up, as I posted Friday as a possibility in post "Gold, are we in for another leg down"  If Gold ends below 1280 Monday into Tuesday, I fear gold is going to new recent lows, down to 1180, and could even make a run for the psychological line of 1000 an ounce.

I hit out of most GDX and GDXJ, I may hit out of the rest, and simply watch.  GDX could easily go down 20% from here, down to 19.  It seems quite insane, but I think there are some major strains on entire financial system that is hitting the gold market hard with political meddling.
Doesn't matter really as to if there is any meddling, all that matters is being on right side of a trade.

Good luck out there, I still like long term better than ever.  As an example of the gold tension, an Indian man was cut open by doctors to confiscate smuggled gold bars in his stomach.  My original premise has come true, China and India gold buying is reaching fevered pitch, but there is market suppression that is also happening.  Only time will tell of the market will break free and start rallying.

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