Gold Sudden Drop Provides Opportunity
Gold dropped hard today, and the metal is starting to look attractive again with supports just below. Last month we talked up gold in Gold Breakout of Bullish Wedge.
We said:
Gold is hitting resistance that is likely to cool off this advance soon. While some limited gains in Gold are possible in coming days, it may be a good spot to sit back, enjoy the recent profits, and wait for a better entry.
Gold hit resistance levels and today declined in a dramatic fashion. Gold will likely rebound somewhat first, but could settle moderately lower in coming days and test near the support levels as shown. Notice that the up trend for Gold remains intact.
Gold is becoming attractive again, and the next major move could take it up to $2,050.
Best of the Blogs
BlogDroid 600
Scanning and identifying the best blog entries every hour
- Initial Claims In Line With Expectations, Not Nearly As Bad As Needed To Send Stocks Higher | ZeroHedge
- How To Arbitrage The People's Bank Of China | ZeroHedge
- All Japan, All the Time | Financial Sense
- Post-FOMC: A Market Scorned | ZeroHedge
- Replace Your Home Office With A Cellphone: Deadbeat Carrier Creative Destruction In The Ongoing Mobile Computing Wars | ZeroHedge
- HERE COME THE TOP TALKERS | iBankCoin.com
- Diablo 3: A Case Of Virtual Hyperinflation | ZeroHedge
Latest Headlines
Newsbot 3000
The most relevant financial news and articles from the Internets
- There Were Huge Construction Flaws In The Bangladesh Factory That... | Business Insider
- Why JPMorgan Will Always Be a Better Villain Than Apple | TheStreet.com
- Now The Dubai Police Force Has Added A Bugatti Veyron To Its Ridiculous... | Business Insider
- CHART OF THE... | Business Insider
- How Email App Mailbox Turned A Desperate Situation Into An ~$100 Million Exit... | Business Insider
- ROSENBERG: The Gold-Silver Ratio Has Me Nervous About What's Next For Stocks | Business Insider
- 24 Leaders Give Their Best Advice To New Graduates | Business Insider
Gold movements
Submitted by Anonymous on Thu, 03/01/2012 - 06:26.Agreed that this may be a good time to pick up some of the precious metals. It seems unlikely that these price smack downs whenever they start making a run can continue indefinitely. We also noted on Tuesday (at Market Madness and Political Posturing) that given the run up in the metals recently a smack down was a distinct possibility.But Market Madness is decidedly positive on the precious metals complex medium/long run and view these correction as buying opportunities.Regards,Curtis - Market Madness