That doesn’t mean the gold will start to fall apart or that the trend is over. What it does mean is we are likely to have an opportunity to buy it at lower pricing. The 50 day EMA, the $2,200 level, I think both would be excellent entry points if we get that. But what I’m going to do is wait for a daily candlestick that ends up forming something like a hammer or signs of an impulsive move to the upside that I would take advantage of the relative strength index is now well within normalcy.
So, I think that’s something to keep in mind as well. We are far from the overbought condition that we had been in, so I will probably stop paying as much attention to that. Either way, I think you do get an opportunity for value play. Hopefully, we will drop another $100 and make it a truly strong opportunity, but we’ll just have to take what the market gives us.
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