Gold finished February with a 5th straight monthly loss and the first 100+ point monthly loss since May 2012.
The market fell steadily all day yesterday after briefly poking back up above 1600 in the morning, dropping all the way back to support at 1575.
After bouncing along at this support level overnight, gold has started falling again this morning, making a new low at 1570.
Although all of the indicators are flashing oversold and the COT report is as bullish as it has been in the past 5 years, gold just can't seem to start a rally.
We believe that we are at or very close to a major bottom in gold and the resulting rally into our expected cycle top in June 2013 should be a powerful one. All of the ingredients are there, it is just a matter of time and perhaps a spark to start things off.
Today's video looks at the last week's trading in more detail and our strategy for our current trade.
The market fell steadily all day yesterday after briefly poking back up above 1600 in the morning, dropping all the way back to support at 1575.
After bouncing along at this support level overnight, gold has started falling again this morning, making a new low at 1570.
Although all of the indicators are flashing oversold and the COT report is as bullish as it has been in the past 5 years, gold just can't seem to start a rally.
We believe that we are at or very close to a major bottom in gold and the resulting rally into our expected cycle top in June 2013 should be a powerful one. All of the ingredients are there, it is just a matter of time and perhaps a spark to start things off.
Today's video looks at the last week's trading in more detail and our strategy for our current trade.