Gold is pausing for breath now. Unless it comes back down and breaches the 562 level, then I think the uptrend is still intact.
More Quotes from Alan Williamson:
Today, it's been very quiet all day - no real direction. I think it's going to remain sideways until someone hits it either way.Alan Williamson
Over recent months gold and equity prices have been positively correlated. This has particularly been the case in Japan, where investors have sought to lock in stock market gains by recycling funds into gold. With equity markets weakening, local investors sought to secure gains on gold and move into cash.
Alan Williamson
The market continues to hold in the middle of the 535-575 range that has held since early January, with the most recent price action suggesting a bias towards a move higher, rather than lower, within this trading band.
Alan Williamson
Sentiment towards bullion remains overwhelmingly bullish and further short-term gains are likely, ... A move up towards the February 1983 high of 509 an ounce seems the obvious target.
Alan Williamson
Sentiment towards gold has now turned markedly more bearish and further long liquidation looks likely, although the deterioration in sentiment has been so swift that a bear trap can not be ruled out.
Alan Williamson
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