Friday, August 26, 2011

How Low Can Gold Go on a Correction?

If you're a "Buy the dip" kind of person, have some dry power available in case gold drops further.
As the chart above shows the price of gold has breached the sell line at $1,830 so we can expect to see a correction with downside price targets for support as follows:
  1. $1,750 for support from the dotted pink line.
  2. $1,650 for support from the warning line.
  3. $1,500 for support from the lead-in trend line.

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