Its been interesting watching the action in gold lately and even more interesting listening to the "experts" and their views on where it is headed. It seems like every time gold makes a big move either up or down, we have people giving either absurd high targets or ridiculous low targets. It helps sometimes to just ignore the noise, step back and have a look at the bigger picture. Taking that literally, below is a weekly chart of gold. It turns out that gold has been stuck in a trading range (~148-174) for the past one and a half years or so.
And here's the weekly chart since 2005. Considering the move that gold has made in the last five years or so, is it really surprising that its been stuck in a trading range for a while now? Seems to be making the logical move, doesn't it?
Sometimes all one's gotta do is relax, take a deep breath, wait for the weekend, have some bourbon, and before you know it, it all makes sense!
Also, here is a watchlist for next week.
Take care and good luck!