The current push could have legs through to 3.40 and then I don't see any downside below 2.80 for the foreseeable future. The only concern is the fact that this breakout above the 200day MVA has occurred during "the holidays" on lighter volume. We will have to wait and see next week.
The "goldies" have had a great run and we should be prepared for some backing and filling before more substantial moves higher in my opinion. There may be an attack on COMEX gold today or tomorrow. There will be efforts made to effect a yearly close below $US850; which will be of psychological significance (I’m sure I don’t need to explain to anyone reading this).
The current push could have legs through to 3.40 and then I...
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