Gold fails to break multi year down trend and is nearing a triple bottom at the $1200 price level. I am expecting we will reach this level in October especially as QE winds down. Recently there has not been much press in regards to the end of QE. As October nears I expect there will be increased media coverage on the end of QE as well as discussion about higher interest rates. I anticipate that this will hurt gold in the short-term and the price will near its June 2013 and December 2013 low of $1200.
I have a price target of $1200 and will look to enter long positions at this point.
I have a price target of $1200 and will look to enter long positions at this point.