GoldCore Update: Gold Correction of Some 10% to $1,100 Level?

Gold
As expected, gold has continued its pullback of Friday overnight and this morning. Gold is currently trading at $1,139.40/oz and in euro and GBP terms, ir is trading at €772/oz and £697/oz respectively.

The speed of the sell off surprised some on Friday but volatility looks set to remain high and may even increase. The titanic battle between those long the market (many of whom are attempting to accumulate physical bullion) and those with more short term horizons who are short the market is set to continue. The longs have had the upper hand in recent weeks but the sharp sell off on Friday and the slightly lower weekly close did damage to gold from a technical point of view and could result in a further sell off this week. Support is at $1,100/oz and then at previous resistance $1,030/oz.

A sell off is likely to be sharp (as most sell offs in gold in recent years have been)  and could even give up much of the gains seen in November (gold up 14%). Gold corrections have often been of the magnitude of some 10% in recent years and that would see prices fall from the recent high near at $1,226/oz to around $1,100/oz. However, it is likely that at the end of the year 2009, gold will still have again outperformed most other asset classes and remained in its secular bull market. A correction in gold may coincide with a much anticipated period of strength for the dollar and could see riskier assets such as commodities and equities come under serious selling pressure.

Silver
Silver has been following gold and it also dropped overnight. Silver is currently trading at $18.05/oz, €12.20/oz and £11.02/oz.

Platinum Group Metals
Platinum is trading at $1,436/oz and palladium is currently trading at $371/oz. While rhodium is at $2,425/oz.

Find out First – Register Now For GoldCore’s Exclusive Market Updates

Mark OByrne

Also on news-goldcore-com

Videos

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE