Your piece on gold today –explaining 3 main factors driving gold- was truly excellent, with the highest standards of long term analysis we have come to expect of you.

The gold bulls sound increasingly desperate and their arguments tired and over-rehearsed.  I am kicking myself for not selling more.

Here is an alternate view (Paul Nesbitt’s Gann analysis).  I suggest you ask Paul for permission to print it but I am sure he will give it.

Putting the 2 together, a ST rally might well be possible.

David Fuller's view

Here is Paul Nesbitt's Gann analysis.

Many thanks for your comments on gold, Paul Nesbitt’s Gann analysis (posted in the Subscriber’s Area), and your kind words. 

As a monetary metal, gold becomes more interesting as the price falls.  Gold (weekly & daily) is becoming technically oversold but it can stay that way for some time.  This was a decisive downward break from a large trading range which temporarily showed some aspects of support building.

However, if this has already reached the low of the year, as Paul suggests, I cannot envisage his target of $2334 and change, unless US stocks are for some as yet unknown reason about to experience a severe bear market which also drags the Dollar sharply lower.   

Meanwhile, the US stock market and many others remain susceptible to temporary reactions and consolidations of recent gains, as I have been saying all week.

(See also two emails, posted on the site, just beneath my comments on gold posted yesterday.)