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Crazy gold, a crazy buy?
Gold prices are down roughly 25 percent this year so is this a good time to buy the precious metal? Technical analyst Clive Lambert says “Gold got carried away, it got crazy, but we are returning to normal now.” And if we can find support in the 11 hundreds then yes it’s a buy.
1179 was the recent low in the last big clear-out, 1155 is a level that dates back to July 2010 and below that there is a big trend line on the month at 1120. They are the three levels Clive wants to see holding to give gold a hope of being able to recover from these levels – and he says it’s got a good chance.
After that, he would like to see it retake the 1268 level. From there on up well it will face a few hurdles – but he says the longer term trend is bullish, but beware the short term trend still remains lower.
01:36 minutes
Tags: bullish, charting, clive lambert, commodities, commodity, crazy, gld, gold, precious metal, precious metals, preciousmetals, saxo, saxo bank, saxotv, technical, technical analysis, tradingfloor.com, trend, trends, video