Loading ...We were and we are suddenly very wrong as prices collapsed yesterday about an hour after the transcript of President Trump’s now rather famous conversation with Ukraine’s President Zelensky was released to the public… Why that touched off such massive selling in gold is quite beyond us for the rally of the past two weeks was not predicated upon the news regarding Trump and Zelensky given that the rally evolved “long” before the calls for the possible impeachment of President Trump developed.
…such material damage has been wrought that there is suddenly talk that a material Head & Shoulders Top formation has evolved in gold, as evidenced by the chart included this morning at the upper left of p.1. Too, an important, several months long trend line is now in jeopardy of been broken through from above. For now, however, the trend line is holding. Fingers here, then, are doubly crossed.
“… we cut our position back ever-so-slightly. We cut perhaps 15% of what we owned on the first bounce of a very few dollars in the spot price. For now, as the trend line noted above and as drawn on the chart at the upper left of p.1 still holds, we are holding the remainder of our position… but certainly we are distraught and certainly we are on a knife’s edge, hoping that the trend line really does prove valid.”