I think that the $2,150 level is likely to continue to see quite a bit of support, so pay attention to that on any pullback if we even get there. I do think at this point in time it’s very likely that the gold market could go looking to the $2,500 level, although we don’t necessarily have to get there right away. Gold does tend to be impulsive though, and it could be much quicker than you think.
We have worked off quite a bit of froth from that shot higher and now it looks like we’re ready to continue going higher from a longer term standpoint. I have no interest in shorting gold because, quite frankly, I think gold will probably be one of the better trading vehicles this year as there are geopolitical concerns, interest rates being cut, and of course just a general concern of the politics and the geopolitical situation in the Middle East and for that matter in Eastern Europe.
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