Gold getting crushed, $1,600 here we come
Through all the hate mail and the gold bugs telling me that gold was going much higher, we remain short and are on track for our next target of $1600. The price action doesn’t lie; you can’t fight the tape nor the trend.
Since Aug. 12, we have seen a couple of short covering rallies, which we continued to sell. Trying to outguess the market is a fool’s game. We are short and will sell at resistance levels until the price action changes. The trend is down and that is where gold is going.
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