Wednesday, September 26, 2012

Gold ~ Update ~ 26 September 2012

Gold hit my target of 1790-1800 on Friday last week:

We've already corrected about 50 handles since then, hitting the support at 1740ish today. 1720-40 is my preferred area for this short-term correction. After that the rally should continue.

Should we decline further, a medium-term top is probably in for now and a drop 1680 or even 1630ish seems likely.