If silver is any guide, gold can take a hit at any time now (remember the sentiment chart shown last week?) but it is not likely to be terminal. Yet, being a bottom feeder, I am uncomfortable with upside turbo momentum, but I will try to deal with it. ;-)
Actually, inflation adjusted targets for gold remain well higher in the mid 2000's. But anyone in their right mind is not buying bullion today with all the other knee jerks and thinking they are setting themselves up for grand profits in some kind of play. Anyone chasing this thing here is setting up for heartbreak if they are falling victim to the shear momo that is in effect.
But again, as to the comparison with silver, gold looks to have only just begun what promises to be an exiting ride filled with jaw dropping ups and neck snapping downs. To think, NFTRH had been managing a nice comfy journey through the nice comfy up channel until a weekly MACD signal (not shown on this chart) we had been watching triggered the hysterics currently in play.
It was another of those 'if/then' statements as in "if gold does not correct at the upper line of the channel... then the 1.5 year long MACD 'platform' will have proven to be a launch pad to a channel buster up and much higher levels."