Is now an opportune time to position into gold?
"I am staying with the position that the price of gold established its LOW in this reaction period on April 28th.
We are entering into an area of major support as gold trades below the $887.50 Angel. That Angel will demonstrate its magnetic influence by pulling gold to the upside.
A worst case scenario bottom on this second decline will be within a range of $18 to $22 under that Angel. A more likely scenario is $10 to $14 under.
In terms of a timeframe to establish the absolute low, which will be a huge Bear Trap, is a few days at the most.
After this absolute low has been established, the $1200 magnet will start pulling on the price of gold once again."