O well gold and oil all both retracing i take it tomorrow definately a short then? will that gold ever see the 1000 mark that everyone has been saying it will happen supposedly from last week... yeah right!!!
If you trade ETF GLD keep an eye on the rand dollar rate if gold can stay at $950 and rand weakens to 850 to dollar then ETF should be 80.75 the mines like harmony and gfi have no rules only gold bugs understand their Physiological nature
In most articiles it is mentioned that that will only happen AFTER a pullback, so I would reckon you are a bit early, IMO the move will only start next week as gold has not had a significant pullback yet.
Even with the help of a weakening US currency, the gold price will find it "challenging" to break through the psychological $1 000/oz mark in the next six months, unless strong bearish sentiment returns to equity markets, Australian equity researcher Resource Capital Research (RCR) said in a report this week. In its latest quarterly report on junior and midtier gold companies, RCR predicts gold will trade in the range of $900/oz to $1,000/oz during the next six months, but adds that it sees slightly more risk on the downside if equity markets continue to rally. (engineering news)