Gold Moved Out of Its “Correction” Phase?

With gold rebounding considerably over the past week and moving out of the $1,520-$1,590 trading range it had occupied for the past month, several market pundits and analysts see brighter days ahead now for the yellow metal.

Richard Russell – author of Dow Theory Letters, the world’s longest-running daily investment letter, and one of the more prominent long-time gold bulls – wrote the following in his latest letter:
“I think it (gold) has moved into a buying range. I no longer see a BIG correction ahead for gold. As the euro and other junk fiat currencies weaken, there will be more and more buyers of gold — including confused central banks. Retail sentiment for gold is now low, which is bullish for the metal. I’ve been sitting with all my gold and paper gold. I’ve been determined that I’m not going to be ‘knocked’ out of gold by sentiment or rumors. Trade it and you trade it away. I still think gold will be the last man standing.”

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