Gold – The Downside

The Gold “POP” our computer pinpointed was right on schedule. We even managed to get the day of the high. Now gold has fallen to 1146 intraday and this is interesting. Our Daily Bearish Reversals are at 1146 and 1141 followed by 1130. Resistance now stands at the 1208-1215 level.

While we see today may form a temp low if the settlement comes in over 1156, we are staring at rising volatility doing into next week.

The general flavor among the average investors is that gold is dead and not worth even investing in. We need this sort of view to create the final low. It is still not ready for prime time.