$1,750 was a major resistance point that the Bullion Banks defended for 2 months (Apr-Jun) before buying pressure overwhelmed the attempts to prevent Gold from getting above that level. That seems the mostly likely support zone. The support line shown below is the current line in the sand. Once we're through that we'll be testing $1800 before heading lower.
Looking at the corrections in Gold and Oil in 2008 before their Bubble phases, we see deeper corrections and eventual highs lower than what I am projecting for Gold this time around ($4-5k equivalent). The amount of money printing can't be corrected for and a mania will develop to get out of trashy cash. That's why I am projecting a bigger bubble in the $7-10k range.
SAR Price at posting:
$5.61 Sentiment: Hold Disclosure: Held
