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First thing to notice is how important the 1350 line (now broken) was for the bulls to hold.
The downtrend line is enough to worry the bulls at this point.
See the low at 1330.3? That is reasonably important for them to hold.
As you can see from this nothing really long term for the bulls to worry about until the 1300 level
(the lower of the two upward sloping trendlines)
It could even fall to the Nov of 09 peak at about 1220 and conceivably bounce from there.
Bottom line is one could start playing the short side at a break on close (and for more conservative folks break on weekly close) of 1330.
As the bull market in gold has been so long expect sharp powerful counter-attacks by the bulls pushing up 30-45 pts or so.
IMHO the gold and silver bull markets have many years to go.
I'm talking fundamentals here. Fiat money is being printed to infinity and western economies' road to recovery is all about currency debasement. Mike Maloney's target for gold is double the DOW (he prefers to measure it that way rather than in $ for obvious reasons).
The market that really is due a big correction is the bond market. Asia has realised that the US is never going to be able to repay its debts with anything of value (i.e. anything other than debased $).
I think this could be a significant correction, but there's no way I'm selling my PMs!
Well we've taken out the 1330 intraday with a low of 1321.9 and will probably close around 1330.
Possibly a little bounce to 1335 and then down to 1320 area.
I was at a gold and investor show yesterday and they were saying the same thing.
My posts are only for trading purposes.
Don't forget to expect strong shift counter rallies by the bulls say to 1358 or so.
Once we get a close below 1318 I plan to sell the rallies.
