Here is my XAU/USD GOLD weekly chart!
As you can see Gold has been ranging between $1565 > $1783 Per ounce since Nov 2011! creating all time high just before @ $1918
Last week GOLD put in a bearish engulfing candle, bouncing off the upper channel line. I would say it it time for gold to revisit the $1550 lows, if we can break this level with a strong breakout candle I would even go as low as $1350/1300!!!
Here around $1300/50 you can see the 200EMA and a major support level...I would think this level is being watched by large institutions as a perfect place to get in long into years to come....
with most countries at war to devalue their currency by printing non stop fake fiat notes.. it can only continue for so long until hyperinflation hits the people, crazy gas prices and food prices will hit hard, mainly impacting the middle class as their savings and pensions will be devalued and torn apart!!!!
If we see GOLD @ $1300's will be wise to buy...Will be even better if you can get GOLD bullion physical bars!!! (certificated) As with such economical unbalance I think we will have to somehow get back to the GOLD standard....I even hear some governments placing bans on the citizens buying gold, and see more gold buyers on the high streets these days than ever!!!
LOOK AT THE CLUES BLATENTLY IN YOUR FACE PEOPLE!!! secure your financial future with REAL MONEY/ precious metals, this paper has no worth apart from the tree it was from!!!
stay smart as bumpy times are ahead.