[A] quick, painful and powerful correction is coming which will be much like the two-day massacre we witnessed just a couple of months ago. This time it’s on it’s way to an ultimate long-term target between $1,100 and $1,000/ozt. You can argue with me on this one until you pass out but that won’t change anything. Save your breath and prepare instead. Here’s how.
So writes Greg Guenthner (http://dailyreckoning.com) in further edited excerpts from his original article* entitled Coming Soon: Gold’s Next Breakdown.
[The following article is presented by Lorimer Wilson, editor of www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
Guenthner goes on to say in further edited excerpts:
Since gold’s meltdown…[in April], the metal has made a couple of big oversold bounces. Each of these attempts to regain momentum had two important characteristics:
- both times gold tried to move higher it turned back at its short-term moving average and,
- each time it fell, $1,350 marked the spot where buyers finally stepped in.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
*http://dailyreckoning.com/coming-soon-golds-next-breakdown/ (© 2013 Agora Financial, LLC. All Rights Reserved.)
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