This is a weekly chart of December Gold. Last Week we tested that long-term trend line. Last week’s low at 1213 just kissed that line. We promptly ralliesd up to 1267. We’ve rolled back over in choppy trade to where we are at 1233 as I write this.
Today’s intersection is 1220.
News on the wire talks of a massive short position by managed futures. No doubt they are looking for the 1200 print to fail and then there would be a big psychological push to go and test 1000.
These are the same folks in August of 2011 touting Gold 2K or Gold 5K. Remember those predictions?
Take the prediction for gold 1000 with the same skepticism. If every proclamation people made came true, we’d still be riding horseback and using a telegraph.
CER