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Is Gold’s Pullback Officially Over?

Friday, November 4, 2016 4:25
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(Before It's News)

gold-ringFrom Palisade Research: No matter what anyone tells you, we are still in a gold bull market. Gold stocks will oscillate higher and pullbacks along the way are healthy.

In fact, it appears the most recent correction is already over, even though another 2 months of negative returns would not have been out of the ordinary:

1

The idea for this chart was given to us by our good friend, Jordan Roy-Byrne, of The Daily Gold. Please visit and subscribe to his site for professional guidance in riding the uptrend in gold.

Looking at past corrections, the average duration was 80 days, losing ~30% during that period. In our recent correction, we did indeed bottom out at -30% after only 44 days. In our opinion, these oscillations are buying opportunities and given where we are currently, the window will close fairly quickly.

In our article, How Low Can Gold Go? The Gold Shakeout Continues, Stay The Course!, we urged our readers to stay the course and maintain long positions in gold. And again, we reiterate the same thing. The current pullback is minor compared to the scale and duration of bull market we are in. Do not get shaken out.

The SPDR Gold Trust ETF (NYSE:GLD) fell $0.19 (-0.15%) to $124.11 per share in premarket trading Friday. Year-to-date, the largest fund tied to the spot price of gold bullion has gained 22.51%.

This article is brought to you courtesy of Palisade Research.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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