Gold broke short-term support at $1065/ounce, confirming another (primary) decline. 13-Week Twiggs Momentum peaks below zero indicate a strong primary down-trend. Target for the decline is $1000/ounce*.
* Target calculation: 1100 – ( 1200 – 1100 ) = 1000
The Gold Bugs Index, representing un-hedged gold stocks, still has to break primary support at 105. But this now appears inevitable.