Why is nobody writing about the downside break out in gold?
The Gold bugs have been feeling the heat lately. Gold as a safe heaven trade seems rather dead. The big almost parabolic move has attracted many clueless investors, all waiting for Gold to print 2k, minimum. Well, it sure looked so, but with the 1600 level broken to the downside, many are sweating again. The Trader wrote about the big formation in the charts a few weeks ago. Gold is at cross roads here, let’s see if people start puking, or if we will get the last bounce up? Special thanks to one of our readers, Erik, for reminding us about this update.
Gold and Silver charts update below.