Gold has now bounced as I expected, we hit a high of 1225.2 today but closed well below that level. How much higher can gold go? Maybe to the 38.2% Fib at 1232.3 but i'm not counting on it. This counter trend rally is already looking weak. Just look on the cumulative volume, very weak so far. I suspect this bounce is just short covering and will be over soon, maybe another week.
Gold miners had a poor close and the daily candle is bearish. I re-entered some DUST today and will add on dips for the coming final drop in gold to 1180's. For physical investors I believe you will get a deep discount by next month, so keep some powder dry. GL
