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If we break down below the low, then it’s likely that we go down to the $1600 level. The $1600 level is an area that is a large, round, psychologically significant figure, and an area that I think could offer a little bit of support. However, I think it’s probably only a matter of time before we break down from there and go looking toward the $1500 level.
Believe it or not, there is a shortage US dollar out there, and that continues to be the life out of most commodities, including gold. Nobody wants to pay for storage on gold either, considering that you can get some type of return on holding paper.has been very reliable as a downtrend line, and I think we continue to drop going forward over the longer term.
I have no interest in buying gold, but as soon the Federal Reserve changes its overall attitude, this will probably be a “buy-and-hold” type of market.
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