The pop up in gold saw all the gold bugs screaming that the next stop for
the gold bull market was $2,000 USD. Gold in US dollar terms needs the big
QE call from Ben Bernanke to get there. If Jackson Hole disappoints, what
then for gold?
The market moving speech from Ben Bernanke is only 12 hours away. The status
of gold is yes its popped up, but no its not confirmed a new trend yet (as
the red 1x1 is not clearly broken). The bulls will want to see price action
act against the next dominant cycle down swing. If it does not, and price
falls with the cycle down swing then $1,500 USD (or $150 on the GLD) will
need to be defended again.
Gold GLD puts (for protection) should do some good business in the next few
hours.
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