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Final Capitulation In Gold?

ByTommy Humphreys
Published 10/02/2013, 01:02 PM
Updated 07/09/2023, 06:31 AM

Tuesday’s $50 hit in gold futures to kick off the month of October may have laid the final foundation for a massive multi-month bottom in gold. The $1276 level in December gold futures is not only important support from the summer, but it also happens to be a key Fibonacci retracement level:
December Gold Futures
With the vast majority of gold market participants caught wrong footed once again by Wednesday morning’s bullish reversal, the stage is set for a much larger upside move back above $1375. Moreover, the macro backdrop is quite constructive with the US dollar accelerating to the downside and Treasury yields continuing to soften. Gold bulls will want to see the rally hold Wednesday with a daily close above $1320.

Original post.

Latest comments

Your last "massive bottom" was 1350 in an article Sept 12. It broke that easily and now you are calling this the "final capitulation". Hmmm how long until you give up on this?
Your opinions and predictions on gold have been dead wrong, please stop.
Well gold did not close above 1320, what next? Let me guess you have another bullish theory?
Why should we believe you now, this is at least the third time you have said that it is the bottom for gold. Every time you say it is the bottom it isn't long before that bottom is broken. Let me guess, its different this time?? I believe gold will keep dropping to test the 1000 mark maybe even below.
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