We might be moving into a minor daily cycle low. Gold came within a few dollars of its all-time record high and a profit taking event is underway here. Gold potential spots for a pullback bottom is around the $1,960 area but a more likely spot is the $1,920 area for the daily cycle low to bottom.
Then gold is going to break through the gigantic cup and handle meaning that $5,000 to $10,000/oz gold is coming, not right away, but in the coming years.
Gary Savage is a 57-year-old retired entrepreneur living in Las Vegas. He has been investing in stocks and commodities for 15+ years. He is a self-made multi-millionaire and attributes his financial success to savvy investments made in owning/selling several businesses, real estate, and, more recently, the stock market. He is also an Olympic weightlifting champion, and world record holder. Gary’s stock market investment philosophy and success owes to an unusually disciplined and keen understanding of market cycles combined with cutting edge sentiment data which allows him to anticipate and articulate how larger trends are likely to unfold. His analysis is almost always in strong contrast to what the public is thinking – and, provocatively, several steps ahead of the crowd. Gary’s renown as a recognized trading/investment expert in the areas of precious metals, stock market, oil and currency markets is demonstrated by his numerous internationally published articles in these market areas. Gary publishes the Smart Money Tracker, a market newsletter available online by subscription only, and also the SMT free blog.
