Friday, June 28, 2013

Gold ~ 28 June 2013

Gold declined to below 1200 overnight:

Since the top in 2010, gold has now declined almost 40 %.

I think there is not much downside left. Initially I preferred 1250 as a target for this decline. We declined to 1180 now which is also a decent support area. The next support area is at 1000-50. I doubt that we'll drop that low, though. So, I'm now looking for gold to find a bottom within the next few weeks and then participate in the next wave up to new all-time highs.