michael.j.macauley
Short

Gold Speculations on Bearish Potential

FX:XAUUSD   Gold Spot / U.S. Dollar
179 0 4
We believe gold             is returning to the mean after a long term correction from its previous bear market. We do believe this is setting up a slingshot move for gold             within the next few years, but with that being said, we don't think gold's time is today.

However, we wouldn't be caught with our pants down. We always trade with the trend.

We believe that gold             will follow a general pattern as shown, based on the harmonic pattern present, the technical indicators showing oversold and deep penetration beyond the daily term mean, and the residual bullish sentiment in the market. Gold             bugs push gold             very hard, and often it drops much slower than it climbs. Gold             is a panic driven asset, and people will recover from panic slowly and at different times.

We believe, after a short term correction from the drop off the previous price levels, that gold             will have a good selling opportunity. However, it could decide to continue to drop, or merely correct sideways toward the mean. Please watch your risk and pay attention to price action, because I won't be betting anything on this speculation. I let the market data tell me when it already is trending.
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