By Peter Brimelow
Looks like the gold bugs had reason to be wary when gold broke through $1000. But now it’s back down, they’re not particularly worried.
When I last looked, Australia’s “The Privateer” Web site was calling for a confirmation close around $1,015 on its magnificent long-term U.S. dollar 5-times-3 point and figure chart —
It got it. Then, however, although every chartist I follow was screaming, “Breakout!” gold churned for several days before slumping some $25.00 late last week. Spot gold closed Friday below $1,000 at $990.70.
Most shorter-term charts now have an ominous “head and shoulders” top appearance. Even The Privateer’s long term chart has slipped back into formation and looks sad.
Continue reading Gold Price Down, Gold Bugs Up
