Gold moved downward today as expected. At this point gold's main direction is still unclear. I am still looking for a breach below 123 as my main target. Tomorrow Fed Chair Janet Yellen will be giving a testimony in regards to the economic and stimulus outlook. It is my belief that we will see much of the same from her, which is continued tapering as well as a rosy forecast for the U.S. economy. My guess is this will give gold the drop that we have been looking for. If gold happens to end the day higher tomorrow, I predict it continuing the rest of the week lower. But then again this really all depends on what we hear from Yellen.
Disclosure: I have no positions in GLD. I will await confirmation of gold's direction before placing any trade. We are here to make money, not to gamble.
High:126.11 Close:125.98 Main Target:123.00 Alt. Target:128.25