Time to be an Egyptian and PYRAMID!
All that glitters is not GOLD.
Is this the final hooraah on the upside?
Resistance is formidable at $1700/oz.
Short term target $1500/oz.
Long term target $1000/oz by early 2012.
Fundamental Reasons:
1- The European bubble is now under control. Would rather buy Greek bonds and earn 50% return, instead of buying gold bullion to store it under my Persian rug at home!
2- Qaddafi of Libya is dead. This will create stability in North Africa and the Middle East, especially in Egypt, which is the US main ally. A retracement to the 2008 level of $1000/oz is now a high probability.
Technical Reason:
My technical indicators have been screaming sell gold for the past month. Will explain in my upcoming webinar.
Risk Disclosure: There is a risk of loss in trading. Whether it is commodities, stocks and/or options, only risk capital should be used when trading in the markets. Pacific Trading Academy is not a brokerage firm. What we teach our students in the program are not trading recommendations. Our instruction is for educational purposes only.
