Update on Gold
Updated
I'm still long on gold, adding to my position with the most recent dip.
RSI has failed to break down below the mid 40 level two times already (a failed attempt now would be the third). As I mentioned in my last post on gold, I saw a potential drop to the 1230-1240 area, which we got (I commented to a TV'er that I thought 1250 might be an updated bottom, was too optimistic about that).
With Q1 GDP being 0.7%, and the Hard US Data getting worse as the quarter went on, the trend is down.
I still see 1450 as my mid-term target (July). Furthermore, during the next gold run, I believe this will be the time that miners actually respond, and will outpace gold on this run.
USD will continue to make lower highs, and lower lows.
My current positions are SEA and GPR on the TSX.
RSI has failed to break down below the mid 40 level two times already (a failed attempt now would be the third). As I mentioned in my last post on gold, I saw a potential drop to the 1230-1240 area, which we got (I commented to a TV'er that I thought 1250 might be an updated bottom, was too optimistic about that).
With Q1 GDP being 0.7%, and the Hard US Data getting worse as the quarter went on, the trend is down.
I still see 1450 as my mid-term target (July). Furthermore, during the next gold run, I believe this will be the time that miners actually respond, and will outpace gold on this run.
USD will continue to make lower highs, and lower lows.
My current positions are SEA and GPR on the TSX.
Note
"Ejecto Seato Cuz"
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