Gold Sharply Lower, Significant Support Taken Out
April 1st, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
It’s all right here. Bearish engulfing on the weekly… $850 is the next notable support. That’s also right around your 61.8 fib fan.
Via: Reuters:
Gold tumbled to a two-month low below the key $900-an-ounce level on Tuesday as a jump in the dollar against the euro dampened the metal’s appeal as an alternative investment and triggered bullion selling.
Falling prices of oil also put pressure on gold, which is traditionally seen as a hedge against inflation. Other metals also suffered heavy losses, with silver slipping 3.8 percent to a two-month low and platinum falling about 4 percent.
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Great! Maybe it’ll be affordable again!
I will consider whether yea or ney to sell Mom’s position in gold at $860 or so. Crap. Despite their highs or lows, our investments in silver and gold are about the only thing these days that give me heart and some sense of realtime financial security these days.