Larry Edelson, of the Uncommon Wisdom Daily blog, has issued a flash alert to subscribers of his Real Wealth Report indicating that gold support levels are breaking under $920 and we could see a drop to as low as $808. Mr. Edelson suggest gold can move hard and fast to the downside over the next two weeks.
Larry Edelson is a long-term gold bug, with forecast price targets of over $2000 per ounce. He is also a student of cyclical events and a contributor to the Foundation for the Study of Cycles, so his issuance of an alert such as this is worth considering.
(Excerpts from subscriber flash alert and recent video follow).
Larry Edelson’s Realth Wealth Report Flash Alert:
Make no mistake about it: I am as bullish as ever on gold over the longer-term. I fully expect gold to reach at least $2,250 an ounce in the next couple of years.
But right now, gold is suddenly meeting up with some short-term headwinds. Indeed, on my technical trading systems gold has now flashed a daily sell signal by closing below $920.50 yesterday â€“ and will further flash an important weekly sell signal if it closes below $916.50 on Friday.
I suspect that weekly sell signal will be hit tomorrow, or latest, next Friday.
In addition, my short-term cycle work is now also pointing to a decline, possibly a sharp one, into the July 23 time frame.
Too soon to say for sure. But some preliminary projections I have suggest that gold could move down to major support, which now stands as low as $808. Obviously, that would be a rather big $100-plus drop from current levels, probably occurring in a very short period.
Larry Edelson’s Real Wealth Report