Larry Edelson has updated subscribers to his Real Wealth Report about a continued downward short-term trend for gold, as discussed in his July 10th flash alert.
Excerpts from Larry Edelson’s July 21, 2009 Flash Alert:
Gold’s been defying the pull of gravity of late, bouncing strongly. And as bullish as I am long-term, all of my indicators continue to suggest that gold will first shake out to the downside.
So, despite the recent rally in gold, I remain short-term bearish.
—
The short-term cycles in gold still point lower into the end of July, early August.
—
As for what I’m looking at that would mark a line in the sand for this shorter-term forecast for the yellow metal: It would take a close in gold above $959.20.
Mr. Edelson’s downside target for the short-term is still in the area of $808 per ounce. It seems the cyclical forecasters like Mr. Edelson and Harry Dent Jr. are looking at very similar short-term trends. This morning, HS Dent Investments also issued an update to subscribers suggesting a pullback in the markets and an upward move for the dollar in the near-term.
If the dollar strengthens, we should not only see a pull back in gold, but commodities and the broader markets as well.
Because this is a short-term forecast for the next two weeks, we could see quite a powerful move to the downside if the short-term cyclical work of Dent and Edelson is correct.
It Took 22 Years to Get to This Point
Speaking to author and podcaster Dana Parish, former Centers for Disease Control and Prevention...
The United States just made a decision that could lead to World War 3. The current ruling class...
Russia has just announced that conscription in the former Soviet Union is "unnecessary" as...
This article was originally published by Michael Snyder at The Economic Collapse Blog. This...
Commenting Policy:
Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.
This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.
Good technical post including those from Dent Jr.; you are “on the money” – EXCELLENT additions to your site!