Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Gold spot - short-term outlook

RECAP: "IMO Gold will move down again after it hit the bollinger top. Stocks which go parallel to the gold price are very overbought, too. If gold spot falls back below $962 (61.8 % fibo) it can easiliy fall further to $947 (50% fibo). Short-term upward potential should be limited to the $980 level."
 
 Gold went down in volatile trade and is traded at $954 now. So the trend we projected was right. However, we have not reached our next target ($947) yet.

 OUTLOOK: I still believe Gold will attack the 50% fibo at $947. At that point Gold may well pause or rebound a bit. The $943/7 level is an important line. In case this support fails gold could go down to the $930 area. But we have to see. $947 first.

 Furthermore, the current positive correlation between Gold and stocks has turned to an inverse relationship today. The next days will be interesting.