Wednesday, March 23, 2016
The PDAC puke was a couple weeks late in coming....
Punching through the -2SD Bollinger line is a bit bearish, methinks.
The funny thing is that this past few months' advance in gold seemed to be driven by the US fear hedgers, and yet today with gold down the US equity indices are still looking weak due to the "we want to sell at resistance because everyone else is going to do it" strategy.
But if Wall Street Whitey decides to sell gold for any reason, well, there's your marginal buyer out of the market. Hope you made a quick buck these past few months. Maybe India has a good monsoon later this year?
Oh well. If you want to trade by the principle that everything is determined by people's irrational belief in TA voodoo, then maybe you should assume gold is going down to its October pivot at $1150-$1160, which was also the broken support in late 2014 and early 2015.