Sedona Gold Report
This is the first Sedona Gold Report by SAJ (Sedona Antiques & Jewelry, I will be adding an non-confusing basic gold analysis every week, I have been trading stock and reading charts for over 14 years, so I hope this helps in your gold buying decision.
Below is a weekly gold XGLD chart close on 2/9/2016
As you can see gold hit a new high since October, but in October gold hit a lower high, now gold is back at its June 2015 high, I believe this is a small break out for gold but not the big move. XGLD is flat today with gold sitting at $1,191. I see gold making a move to the $1,250 range then pulling back to flat in the next couple of weeks.
The overall market is down do to China’s foreign exchange report coming in a $99 billion instead of $108 billion, anything under $108 is bad news, and we are seeing that in markets now, except for billions the fed is pumping into the markets to prop it up.
I am starting to understand what Marty Armstrong predicting, gold will not make the move it should to the high thousands. This is due to foreign currency’s failing around the world, they will moving into the dollar for safety, until that does not work. I don’t see gold moving below $1,100 any time soon if ever, but I should never say ever. Look out for the next Sedona Gold Report.