About the same time, and I'm hedged again. Technically we hit
the downtrend line and 200 MA. I'm afraid a bigger dump is
on the way, since POG is still in correction mode, and all
commodities, especially oil, are still in the gutter.
Interim bear markets are nasty, gold did dive from 196 to 103
in 1974-76, but, more importantly, it lasted for some time.
It could drop to 600, as jewelry demand gets hit, while
investment demand is too sporadic with higher dollar to
compensate for that.
Technically, we shall see if gold finds support at 50 MA or
slighly below, which is 775. If not, oh well. It could drop
to 600. |
