Look for gold to drop back to 1200 in the next few weeksSubmitted by Diamond Dog on Mon, 09/16/2013 - 22:50
Greetings fellow gold watchers. It is the evening of September 16, 2013.
At the moment, December gold (that is to say, gold futures for delivery in December 2013) is trading right around 1309, as seen in the chart below. Actually it has bounced up a little since I took the screencap of the chart, and is currently trading around 1313.9. No matter. This little bounce alters my prediction not. Gold should be back down to 1200 within a few weeks.
How it gets there is anyone's guess.
Will we drift down, only to get whipsawed around as the chart builds a more perfect head and shoulders pattern? Or will we see a sharp drop this week, accompanied by the Fed meeting results? No one knows. But the Diamond Dog's money is riding on a drop - one way or another - back to 1200.
Once we get to 1200, there's a lot further to fall, as I've noted before: The shakeout in gold is far from over. And its a long way down.
Don't forget - you heard it here first. On a free website. On the internet. In a post written by a dog. Complete with a corny video at the end.
Because it's a long way down.
It's a long way down to the place where we started from.
Where did this bull market start again?