“Since the early autumn here in the Northern Hemisphere gold has failed to make a new high. Each high has been progressively lower than the previous high, and now we’ve confirmation that the new interim low is lower than the previous low. We have the beginnings of a real bear market, and the death of a bull.” (Gartman)

Gold is certainly a crowded trade, although the trend is intact. With so many bulls, and Paulson still big long Gold, things could get interesting….

Charts with perspective below;

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