When Dec Gold broke through the trend line at 1353 last Thursday. There really isn’t good support until 1275- 1280 which was the August 7th low. The high on August 28th at 1434 was spurred by the fears of war in Syria. People sold the Dow and bought gold in the fear/ war spread. That has been unwinding over the past 3 weeks. With today’s action, we are smack dab in the middle of the recent 2-month, $250.00 rally. At 1308 we have come back $126 of that $250.
This would be a good place for a low risk buy. I’d be a buyer here with a $10-15.00 stop. If we roll over down to 1280, I’d re-load. 1280 is a 62% retracement of that same $250.00 rally.
Waiting on the Fed.
CER