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When To Get Back In Gold?

|Includes: SPDR Gold Trust ETF (GLD)

Market Club has released its new video on Gold (click on image below to view video). It is now clearly in a correction/consolidation mode as the MACD has turned down. I would agree with their analysis using fibonacci retracement levels as potential buying opportunities. Personally, I'd say the 50% retracement level at about $1,027 per ounce should be the reasonable level... unless we see a massive move in the US dollar which could extend the correction. We also have previous resistance from the preceding area pattern at about $1,020 per ounce providing support. So it should be good to accumulate between $1,020-$1,027 per ounce. As long as the Fed is in charge, asset inflation will still be in play, and that means good things for Gold. Take that Mr. Roubini!