Well, it did not reach my 1350 target but the war is far from over. Correction time for the metals but it is indeed short-term – at least based on the available evidence.
Here is what is really interesting – Gold has moved opposite the euro, not dollar, even though it is priced in the latter. When the euro finally runs out of steam, I’ll bet that is when we’ll see the correction low in gold.
You fundamental types would agree that the crisis in Europe is not over based on today’s downgrade of Irish debt by Moody’s. It was not a major downgrade but the fact that it is coming so far into this crisis means it has not turned around quite yet.