While expecting a double bottom in Gold, it instead made a 61% Fibonacci retracement, which represents a price level of $1185 to $1203. Should that level not hold, it could fall to the 78% retracement level or $1030.
Wagner holds that the Fed's hints of tapering Quantitative Easing is what slammed the gold price down. He also believes the world economy will begin to recover and that this will spark inflation and push the price of gold higher. While worldwide economic recover might not be a viewpoint that everyone will agree on, the charts are worth a look.
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