Gold London PM Fix (U.S. $599.25)

In an earlier Comment (Sept 20) I suggested that I would like to see Gold eventually hit the $500 area in an intermediate term uptrend correction, as it completed the process of digesting the spike that took it to its May/06 high.

My problem now stems from the fact that my short term math models indicate possible tracking along the rising 200-Day Moving Average, dimming the prospect for achievement of my $500 intermediate term downside objective. If anything, short term work indicates the potential for further gains. Nothing gloomy about it.

For now I want to watch this short term trend unfold, and I will reserve judgement on my earlier intermediate term downside objective.