Gold Update: Edelson Says Still Bearish Short-Term
Larry Edelson has updated subscribers to his Real Wealth Report about a continued downward short-term trend for gold, as discussed in his July 10th flash alert.
Excerpts from Larry Edelson’s July 21, 2009 Flash Alert:
Gold’s been defying the pull of gravity of late, bouncing strongly. And as bullish as I am long-term, all of my indicators continue to suggest that gold will first shake out to the downside.
So, despite the recent rally in gold, I remain short-term bearish.
The short-term cycles in gold still point lower into the end of July, early August.
As for what I’m looking at that would mark a line in the sand for this shorter-term forecast for the yellow metal: It would take a close in gold above $959.20.
Mr. Edelson’s downside target for the short-term is still in the area of $808 per ounce. It seems the cyclical forecasters like Mr. Edelson and Harry Dent Jr. are looking at very similar short-term trends. This morning, HS Dent Investments also issued an update to subscribers suggesting a pullback in the markets and an upward move for the dollar in the near-term.
If the dollar strengthens, we should not only see a pull back in gold, but commodities and the broader markets as well.
Because this is a short-term forecast for the next two weeks, we could see quite a powerful move to the downside if the short-term cyclical work of Dent and Edelson is correct.
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Date: July 21st, 2009
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