- the end of gold - , page-8

I agree with him! I would not be buying large amounts of gold here because the best gold analysts also believe that gold will trade down at the $650 area sometime this year so any buying should be for trading purposes only. Gold in EW terms is going through an ABC correction where A down bottomed at $690ish, B up topped at ??? ($900 is 61.8 fib retracement) and C down could be a lower low or slightly higher low. Mind you all bets are off if gold breaks to a new high but with gold sitting at its 61.8 fib retracement level the risk of a corrective move down has increased significantly. Add to that the fact that the USD dropped 1.6c overnight and the HUI/XAU/gold/silver did nothing I think you need to be very wary at this level!