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Gold spot - Short-term outlook


RECAP: "The FED decision to reduce quantitative easing was a bit of a surprise, at least for me. With "tightening the USD supply" I believe we will see a rise in US-Dollar and a drop in stocks. As for Gold, I think we will also go down in the next weeks. The question for me is when does the downward move start. A short-term rise to the $978/80, if there is one, has to come right now but seems very questionable for me after the FOMC decision. So, the Gold rise might be an a-b-c upward correction. I personnally believe we will head down in the next days."

 CURRENT STATUS: Gold went down to $953, so the trend projection described in the last posting seems to be right.

 OUTLOOK: I personally think the trend is further down in the short-term. Next targets are $947 (50% fibo) and $943 (strong horizontal line and upward line since June 8th). $943 is a strong support, a fall below from there would put my target to $935/7 (62.8% fibo).