clance23

Gold might be heading to 900

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
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It's hard to imagine that Gold had declined 50% even before any Global Financial Crisis happen during these few years, with the wake of another GFC looming around 2016 it's also hard for us to imagine that Gold will further decline deeper. With no clear sight of bottoming, we might just have to look at the 850-900 level where the Fib-R 61.8 is situated in confluence with a very long term trend line support since 2001.

This 850-900 price level would be the best bottom to get invest into this commodity, beside it's clearly impossible for Gold to go to 0 value if not the world monetary economy would have collapse entirely. That's is one thing hard to imagine really.

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