Here the German team stick to their medium term bullish call on the bullion so long as the November lows are not beaten.
BullionWeeklyTechnicals04122012
Their short term view on gold has gone neutral but not on silver where they remain bullish on both timescales. I increased allocations to both metals though more so on silver than gold. Both entries started well but are now under water. I’m holding for now but the entries are looking uncertain, lets say. Goldman have come out bearish on the bullion. Last week saw one participant dump 24 tons or $1.24bn in one trade. Volatility is falling in the bullion and its inverse correlation to the $US is wavering a little. The general correlation remains in force and technically a pivotal price chart formation looks under way. No conclusions as yet but the strong ten year bull trend remains in force for now and dictates dips should be bought and or that long position stops be wide.