Gold. AU. Goldbugs Panic Mode On.
It is a awful time since 2011 for fundamental Goldbugs. Everyone else can look more calm. It looks like I can buy gold for around the neck next year again.
From the hight's of 1900 $ Gold was pretty beaten down. Around 10xx $ and 800 $ I see two places for turnarounds to new highs. The 1200 were pretty strong but broken now. A little chance for 10xx to bottom gold, but I prefer the 800. That would mean in the end a one week panic sell out of the goldbugs, expecting a v-bottom next year some time.
But as always, new patterns on the way could change the picture.
From the hight's of 1900 $ Gold was pretty beaten down. Around 10xx $ and 800 $ I see two places for turnarounds to new highs. The 1200 were pretty strong but broken now. A little chance for 10xx to bottom gold, but I prefer the 800. That would mean in the end a one week panic sell out of the goldbugs, expecting a v-bottom next year some time.
But as always, new patterns on the way could change the picture.
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