PMI data came out today that indicates a contraction in manufacturing... Typically bad for equities and good for precious metals... Gold has been tumbling down these past couple weeks after the larger larger head played out... The low is most likely in and we can expect 5 impulse waves up to complete soon with a small corrective structure... I do not have a position but will HIGHLY consider entering on the next small pullback... No clear target yet but 1600 does not seem out of the question...
Comment:
wow butchered that sentence... "after the larger head and shoulders played out"...