Gold still on the fritz after margin hikes and some selloffs, expect it to continue a little more. The next buying oportunity is going to be before QE3 announcement, all though i'm now fairly confident that that will be delayed past friday.
The markets recent rally is premature. Fueled by a falling dollar and a possible QE3 announcement on friday, I beleive this rally is going to come to an adrupt end on friday. My reasoning behind this is that things are no where near bad enough for bernanke to justify any more QE outside of the ~0% interest rates held low by printing he has promissed to keep around until 2013. There has been a lot of public scrutiny towards bailouts, assett purchasing programs, and other forms of QE. We were all expecting bernanke to fire on friday and if he doesn't it will likely trigger a mass sell. With gold prices where they are and this recent rally, the chairman has, in my opinion, his hands tied.
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