Gold is weakening once again beneath its 200-day average. The move resumes
downside pressure following gold’s latest reversal which was triggered by
a DeMark™ exhaustion signal.
It still worth remembering the dramatic $103 one-day drop which will continue
to offer psychological pressure for investors and traders.
Continue to watch for a break below $1600 (psychological) and $1567, thereby
offering further setback into $1522 (29th Dec swing low).
A sustained confirmation beneath here would resume risk for a much larger
decline that we have been anticipating. Keep in mind that our cycle analysis
continues to highlight initial downside targets into $1460 and $1300.
This would likely trigger a temporary, but dramatic setback that would ultimately
offer a unique tactical buying opportunity into this coming summer of 2012.
Only a sustained confirmation above $1810 will put the bearish ...
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