GREY:CGOOF - Post by User
Post by
Masterbuilderon Jul 07, 2015 3:34pm
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Post# 23899863
Time to play defense?
Time to play defense? In my last post I suggested gold will trend down and break $1150. Today it touched $1148. I will reiterate that Goldman Sachs is at $1089 average price for 2016 which means gold would have to slide below $1089 to average out. In simplistic mathematical terms, let's say gold ends the year where it is today at $1150. In 2016, gold would have to drop to $1028 and then recover higher to meet the $1089 average. $1028 is perilously close to $1000 and if it breached that level, you can just bet the technical prognosticators will finally say "I told you so." as the chart completes a 50% retracement from the $1900 peak and hits bottom at $950. IF... IF... Goldman is right about $1089 average, then you need to consider that gold will drop by at least $122 from where it is today.