After the recent huge upside run we liquidated our gold holdings but we are not bearish. The gold market is still in a strong uptrend. But we need a correction to the recent action. This retracement is normal and expected.
The technical call at this point is stay on the sidelines. The chart shown is the 1 year chart- many of you use short term charts to trade but I use this chart to determine major direction. After several weeks I will use a monthly chart and later hourly chart to determine when to go long again.
The gold market went from 1780 to 2079 in a flash but it took 6 months to create that base. We must be organized and give this market some time.
My next trade will be on the long side but I am not ready to commit and it make take 2 weeks or a month before I move on another purchase.