I thought previously that a pullback to around $880-$900/oz in gold was likely in the short term (and an implied pullback in silver to around $13.50/oz).
It looks like I could have been over-pessimistic, because it only went as low as $916 (silver was around $13.75) and I suspect now that the decline could well be over (silver currently back above $14, gold probing $940 resistance).
In another hour, I reckon we'll have confirmation: either there is a steep drop after 14:00 (UK time) today, when New York opens, and it continues throughout the session, in which case I stick with that earlier forecast for $880-$900; or there is a close above $940 today and in that case likely $1000 is taken out before the end of next week.
[Sharp intake of breath]Bold call, Baron. Bold call.
Wednesday, 24 June 2009
Looks like my call for gold/silver drop was over-pessimistic
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