I saw this parody on Jimmy Kimmel while on vacation (we haven’t had cable in over a decade) and this tells me that we could be at short term top in the metals. It appears it came out 3 weeks ago and we have been building a head and shoulders topping pattern since early August. We still have the right shoulder that needs to materialize and of course the break through the neckline, but from my perspective the writing is on the wall that we’re going to move lower from here.

Small disclaimer that I’m not overall bearish on Gold…I just think it’s time for a short correction that will enable it to move higher in the long run.


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6 Responses to “Short Term Top in Gold”

  1. Lioncub Says:

    Technically, I think you are right. Nothing can go up all the time. This is in contradiction with Karen’s forecast, can Karen shed some light here?

  2. Hugh Kimura Says:

    I agree. Since that is an all time high, I think there will be some consolidation while the stops are cleared out.

  3. NoTribe Says:

    Yea, Thursday night I had a bear strangle all set up to go on GLD, and then got distracted with getting Oil calls, waiting for the gap down to up wedge to get a bit higher Friday. Damn that one, cause Oil wound up with a micro bounce comparatively.

  4. NoTribe Says:

    Could be a HS, but my target was 160 going in short. I don’t expect it will get much of a bounce here. RIght now, people are putting their money into AAPL like its much more of a sure thing.

  5. Sim Says:

    True.. .Need to watch the 61.8% retracement level though.

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