Gold in Strong Decline
November 12th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Ok, we’ve got gold in a strong intraday breakdown here. There are a few supports for it to get a foothold on between 801 and 810, but remember the score on the weekly interval chart… Stochastics and RSI are so extreme… This thing has the potential to… Hmmm. Have you ever heard the one about the aircraft carrier arrest cable when it snaps? The snapped cable flies over the flight deck, slicing guys in half where they stand. That’s what a gold breakdown from here could look like.
Remember the sage words of dead banker and diabolical swindler, Edward Mattar: “The tree with the best apples gets the worst beating.”
$807 now.
UPDATE: DANGEROUS CATCH A FALLING KNIFE MOVE
Watch that 15 minute stochastic. Lock and load. Couple grams around 803. Why not… It’s either going to bounce right here—or it ‘aint.
Related Must Read: My Recent Warning to Hedge Long Gold Positions
Did anyone buy December puts? What strikes did you like?
