|Gold looks a bit over done. If top isn't not already in, we're building one. Not a LT top. Just needs enough of a correction to dampen the bullish sentiment that built slowly during this strong rally and has recently become pretty enthusiastic. |
Worst case? Lower, then sideways to lower, into year end testing the lo 1200s. Basically, whatever is necessary in price and time to pressure the trading crowd to give up on the bull scenario. Once that occurs? My wag is this new bull market in gold resumes and goes to higher highs (at least $1,380) since LT low, some time ago, in the lo 1100s.