Ploy has decided to grace us with her foresight on Gold as well this week. Personally its not something I understand and have only traded/invested a few times, (note: I do have a personal long position in it now purely because of the Euro situation but it’s giving me nightmares).
Here are her thoughts:
In the short term, there are 2 barriers as in chart A. If these 2 barriers can be breached, we may see another gold rush and the target will be as in chart B. You can see from chart A that gold price has rebounded beautifully from its strong support line, which is a good sign.