Disliked{quote} stay short and forget about new highs soon, Goldman Sachs makes the market and target is $1150 . the opposite of what made Gold Rally from $400 to $1800 is happening now.Ignored
Secondly I find it ironic you mentioned goldman sachs...do you know back in 2010 they were predicting the gold price of 2011 to hit $1350 only and then fall to 1100 and yet it rallied to its record high! (do some googling...or wait here is one article -
http://in.reuters.com/article/2010/0...47628720100412)
What I have learned and experienced over the years is that...one should always do the opposite of what big firms or let me reiterate "market makers" like Goldman sachs tell you to do! because that is how they make their money...
To put it in another way if the majority agrees and puts on shorts; the market will not really move lower because there wouldn't be as many buyers hence less liquidity. Big firms always see moments like these as opportunities because if they buy 3 or 4 times the amount of the order flow of shorts; they are not only going to eat the shorts but they are gonna make the price of gold go parabolic (as it did back in 2011). As Buffett has said "be greedy when others are fearful and fearful when others are greedy"...
With all this being said... I will have no remorse if the price falls to 1200 tomorrow; because i don't attach myself to the bias... I solely let PA dictate and I just follow! I might hang out with either bulls or bears sometimes; but ultimately I follow the traffic flow and rules! After all I am not a bull nor a bear but a civilized and rational individual!
Peace!
P.s what is your price bottom level?