Some may say its in the bubble and over priced and some that there is still an upside.
If there is some fundamental strength (which i believe it does) in this bullishness, gold prices then after a strong bullish cycle should consolidate. Taking a breath. This will help investors affirm that there is a fundamental strength in this commodity.
Also, there's price pressure from the supply side. Higher gold prices mean miners work overtime. The supply of mine gold around the world jumped 7% last year to 2,572 tons-the second largest increase in history.
Some of the smart money is betting that gold keeps rising. Hedge funds and other big speculative traders boosted their gold bets by 2% last week, according to data from the U.S. Commodity Futures Trading Commission.
Technical Side:
Bullish above : 1386.51 and 1226.42 Channel base around 1262.56
Bearish Below: 1313.31 and 1154.45
See Chart
if i were you, i will close account , back my day time job... trade like that only waste time and money
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