Today Gold jumped again up to $1737. In Euro it is at 1355 and is closing the historical record of 1377. This growth is not surprising as it became clear a new inflation blow is to come after FED announced the QE3 and ECB announced its OMT. A river of money is to flood the markets and this is expected first to affect the Oil, Food and Gold.
The level of $1737 makes all my previous prognoses right and
advices profitable. Now I can advice to close all long positions in Gold. Then
wait for a correction to $1690-1700 and buy again. I don't think Gold will
rally immediately to $1760 or $1800. Till the end of the year this will happen,
but not immediately. I think there will be a good chance to buy around $1700.
I don't advice opening short positions as the inflation pressure is very powerful and at any moment is possible a rapid move up. If you are short you will have big losses.
So now sell at $1737 closing your previous positions and renew them when the market is back at $1700.
September 7th 2012, 21:00 GMT