As per previous posts, gold should target $1550 from here.
Last night's break above $1330 was a critical step & there appears to be a confluence of factors that should drive much higher over the next 3-6 months imo.
Physical demand is strong.
ETF selling dwindling.
US debt ceiling issues on-going & likely downgrade of the US's sovereign rating.
This should be enough to get gold $200 higher imo.
From there & this is the $64M question, does investment sentiment then turn & drive gold back through $1550 & target the previous highs. If the ETF net demand turns positive it's game on in my opinion. Combine that with new ETFs coming on stream in Asia & Russia to add to demand.
Curve balls as I see them.
QE is dumped because its simply not working. Gold would probably get initially sold off, however equity markets more so & I think gold would bounce back quickly & stronger.
US data improves, unlikely in the current environment of sovereign debt uncertainty.
The US agrees to face its debt problem by cutting more spending & raising taxes. Again a negative for equities & bullish for gold imo.
I have been trading in & out of gold stocks aggressively but I am looking to set & hold & ride this as I think we have just started a phase that will have multiple legs I may get in & out at times but will be far less willing to sell unless I se another screaming opportunity to capitalize on.
Well if Thursday is rally night, what was Tuesday (last night!) Could Thursday even be bigger & we crack on toward $1380?
- Forums
- Commodities
- GOLD
- gold set to go a lot higher
gold set to go a lot higher
-
- There are more pages in this discussion • 109 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add GOLD (COMEX) to my watchlist
The Watchlist
MTL
MANTLE MINERALS LIMITED
Nick Poll, Executive Chairman
Nick Poll
Executive Chairman
Previous Video
Next Video
SPONSORED BY The Market Online