Video uploaded to YouTube Jan 17 by DoomBoomGloom "Well I like it (gold) yes, but I think the correction is not over yet. "We had a big correction from the peak on September 6 when gold hit $1,921. We went down to around $1,522 at the end of December. Now we rebounded over $1,600. I think we can have another leg down" http://www.youtube.com/watch?v=Bq3_pt6ndik&feature=g-all-u&context=G21be506FAAAAAAAADAA
Marc Faber as I remember was warning that a gold correction was imminent before this correction. He's one of my favorite callers. But it would be interesting to have some more detail on what he expects. I read his remarks as being fairly mild. He obviously still sees this as a correction within a bull market, so how deep does he expect this downleg to be? Gold could have a $100 fall from here without breaching the support at the previous low. Also I added the 325 day moving average to the chart since the 200 was breached. I used the 325 dma, as a rough equivalent to the 65 week moving average that the Aden sisters use as long term moving average support. You can see that a $100 drop from here would not 'violate' that ma.
well he did say that people should keep buying regular so he's not looking for a big drop I'd say. Yesterdays move up over 1650 might of negated his call anyway.
Technically on the daily there is significant resistance at 1680ish and several macd divergence on the lower level charts. I'd say even with the break above 1650 we can expect a down turn in next few days. IMO.
