Gold hits my target

After its recent big fall, gold has hit the trading target set by John C Burford. But what next? A massive rally or a bear run to the widely-touted $1,525 level?

Since I last wrote about gold on 13 February, the market has sagged by almost $100 to hit- and exceed - my tramline target.

In this period a major sentiment survey of market professionals had the bulls at a staggering 3%. That is no misprint. Only 3% were bulls. The rest were either outright bearish or neutral. I find that amazing!

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.