Since July 31, gold has fallen hard ― by more than $100 an ounce. But don’t be fooled by this move down. As I’ve said many times before, gold’s bull market is far from over. If you look at the big picture, you’ll see the larger trend that’s very bullish for the yellow metal.
In fact, this short-term downside move may well be coming to an end. As I expected, gold has broken the $850 level and has come within a few dollars of major support at the $800 price point.
It should bottom here, or possibly a tad lower at just under $800. Either way, the bulk of the pullback appears over. The dollar’s recent rally, likewise, is nearly over.
More on this topic
(What's this?)
Inching Closer to the Gold Explosion
(Gold Versus Paper, 3/13/10)
Bloomberg Gold Buy Signal
(Gold Versus Paper, 3/9/10)
Why the Gold Bubble Will Peak at $2,000 in 2010
(Money Morning, 1/23/10)
Like oil for gold? Oil pushing new highs while gold languishes
(CHARTLINES (tm), 3/9/10)
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