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Thread: Bearish on gold

  1. #1
    Legendry Member Michael Hodges's Avatar

    Bearish on gold !!!

    I amstill bearish on gold, I just don't see any reason to buy it now. 
    Bearish on gold
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  2. #2
    Veteran Member Ammeo's Avatar
    I think Gold may go into a range zone here hovering above or below the $1400/oz zone....At this price nothing can be decided about its future value unless we see a war broken or several gold-mine strikes like the one happening in South Africa right now.

  3. #3
    Specialist Member marvel's Avatar
    Quote Originally Posted by Ammeo View Post
    I think Gold may go into a range zone here hovering above or below the $1400/oz zone....At this price nothing can be decided about its future value unless we see a war broken or several gold-mine strikes like the one happening in South Africa right now.
    Gold is close to the first resistance line at $1420 per ounce, but the next one is at 1480 so there is a room for upside movement too. My personal opinion is that the gold price won’t be able to stay below 1400 for long period of time, otherwise many gold miners will initiate default and the production will dramatically decrease. That’s why I am bullish on Gold now and will trade only calls!

  4. #4
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by marvel View Post
    Gold is close to the first resistance line at $1420 per ounce, but the next one is at 1480 so there is a room for upside movement too. My personal opinion is that the gold price won’t be able to stay below 1400 for long period of time, otherwise many gold miners will initiate default and the production will dramatically decrease. That’s why I am bullish on Gold now and will trade only calls!
    I think you are right about the longer term outlook for gold. It is very costly to mine gold and for some it costs almost as much or more than gold is worth just to get it out of the ground. I think the near term issues of Syria, the FOMC and tapering, rising interests rates and etc will send gold prices down once more before really bullish traders get involved. The bear market is over but the bull market hasn't really started yet is what I'm trying to say.

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