Gold might struggle to stay @1200 usd. But AFTER the holiday, it might resume downtrend. Bottom Line: I am not buying any coins during this fake rally.
Fake rally... I say it might sink to 1,040-1,050 $ and then bounce back or, it surpasses that level and then it takes dunk sub-1,000 $!
The point is, US dollar has been in a strong uptrend. And there is no sign of trend change, yet. I am not living in Australia; so can't comment on gold in AUD. But certainly in USD, the down trend of gold price is far from over.
Many online bullion dealers are busy promoting special prices on gold and silver now; like there is no tomorrow. No wonder, because their short position is low (read weekly gold COT report!), they lost the hedge to their inventory. If you plan to buy precious metal, wait until Thanksgiving.
^ I'm sure they sense/know something. It's going to sink below 1,000 $ eventually and we might see that sub 1,100 $ this year.
I like how you mentioned the AUD/USD. Sorry to be a little off topic in your thread but, that is a great point for this forum. To you, who lives in the USA gold is acting in it's 'tradable' or 'reserve' currency, but to most of us on this forum who are from good old 'aussie land' our spot price is acting in it's AUD spot price. So, for you it's in a down trend but to us it might be getting a bit more pricey. Man, I would have loved today's spot price with 2011/12's exchange rate. Sadly, I do not believe that we will ever experience this scenario due to the effect the two have on each other.
