Gold technicals not looking good

If we look at the 8-Year gold chart, we can see that the blue line 60-day moving average is crossing the green line 200-day moving average.

If we take into account history (2008), we can conclude that the correction in gold could still last a few months, which is in line with the prediction of Marc Faber on the gold price.

Jim Rogers told us recently, he would buy gold under $US 1600/ounce. I concur with that view. So I wouldn't buy gold right away at this time. I would wait till gold goes under $US 1600/ounce.

Gold 8 Year chart