Gold Views!!!

Nothing has changed in Gold in terms of my last week’s perspective on it. Its volatile, its playing truant and its just refusing to make its mind where it wanna head. Remember Gold is the Pessimists equity, quite an irony here, but like I previously commented when in despair see YELLOW! Speaking of pessimism and despair, well the new US administration is doing all it can to assuage the fears of the investors. If we are to go about looking at the strange gyrations of the DOW, we can understand why Gold too is behaving kinda lost! And once again I repeat the smart have taken off their money in the longs and maybe will reenter on a meaningful retracement around $875 or perhaps at $850! As mentioned earlier, a stop for all things long is around $875, I believe one can move it ahead to tad below $890(protect those few extra greenbacks too). Just leaving this post with a plain vanilla bar chart, showing a wedge and a small insignificant bearish H&S(shaded in red). As regards to why I said $890, is because if this wedge is to be believed (rather it should behave as we believe it to behave) then Gold failing, to hold the previous significant pivot ($890) is likely to go down $875 and $850! The new baby bulls get to keep their faith as long as Gold holds above $900!

"Don't judge each day by the harvest you reap, but by the seeds you plant." Robert Stevenson