Leave it to me to be a party pooper, but the gold price has reached an extreme, hitting the extreme upper Hurst Band. I know, I know, it's supposed to be going up, up and away.
The world is going to blow up. There's a gazillion in derivatives out there just waiting to go supernova. The stock market is looking all wobbly and 2015 is supposed to be the the year of the Stockpocalypse. All of those things may be true, and they may be not, but my chart doesn't care the least little bit.
Notice too the volume bars at the bottom of the chart. Those final green bars are all on below average volume which indicates the up trend isn't likely to be all that convincing.
So, it looks as if gold is once again having trouble when it gets near $1,235.30 (0.50 Fib Retracement Level).
Bottom Line: Curb your gold enthusiasm for now. The gold price will likely make its way back down to the green band (or below) before it rebounds again.
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