Looks like gold is moving down first

03/04/2009 by Philinje.

We may not get as low as 850, but gold decided to head down in the wake of the G20 meeting after consolidating for so long. When it sinks, it can be violent, so we may see a price as low as 850 for a brief moment or part of a day. Let’s see what happens at 890. All pundits I follow are calling for the beginning of a massive move up starting later this month. So loading up in mid to late April is a pretty safe bet, and 850 seems like a pretty solid support level. But you never know. We could get as low as 780, though it seems unlikely. The rally in equities may top later this month, coinciding with the bottom in gold. Things could get ugly with equities later this year so this is a good chance to get out of stocks generally. Gold and silver mining stocks like AEM and HL are likely to do very well going forward and getting in by end of this month could be a good idea. But they might also decline with general equities, at least for brief periods. So it might be prudent to wait and see what happens when the Dow tops and starts heading down. 

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