Friday, June 1, 2012

Gold clearing stops out before turning lower...

Often times price will rebound back to the apex of the previous traingle (time wise).  Today would be such a day. Today's action would be a perfect bull trap, as well as bearish stop clearing operation which sets up wild 100 to 200 dollar swings or outright crashes lower in the gold price. I don't think we will see a bottom  in /es or the commodity complex in general until the margin calls start impacting gold negatively.  I'm going to use the plunge in gold down to the 1200ish to 1300ish area to tell me when to cover my etf shorts in stocks and gold....

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