GOLD - Hopium

There is a little hopium on Gold. The fact that it hit the 61.8 retracement on the drop back in mid-June shows some signs of life in an asset that everybody hates.

It is possible to make money with Gold but you have to be very calculating with it. I see an upside target of about 1950-1980 from where we are. Certainly this could take many many weeks to play out, though. If we happen to revisit 1762, then this play is no longer valid.

Ultimately once we hit that top right below $2000, I expect us to pull back significantly over the next 1-2 years. Potentially back to $1400-$1600.

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Last week there was a huge liquidity hunt on gold. This actually changes my stance slightly and makes me more bullish overall. We did not violate the lows from March which is a good sign and actually sets us up for a move higher than I originally expected.

I will try and keep this thread upated as time goes by since it's such a long term projection, but I will need to see how things unfold over the next several weeks.

cheers!

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We did get above $2000 as I stated I was a bit more bullish overall, then we made a monster move down to $1700. We're rebounding nicely and the projection remains that we could see a selloff in a few weeks.