We picked a good exiting point the other night at just below $640/oz. for gold. Today the metal traded as low as the $632 level, then made a run back towards $640 only to hit a brick wall again. Rome wasn't build in a day, nor is a rebound for gold back to contract and then record highs. Clearly the chart below shows a very healthy rebound since October, with gold presently testing the lower bands of its recently bullish trading channel.
We're also going to initiate a position in Euro futures. I will post more on that separately.