Sep 15, 2011

Gold Not Acting Well

I don't like today's action in gold. US dollar clearly went into a correction after last weeks huge gains which should be an opportunity for gold to complete its climax top. But instead of rallying hard gold sold of below the minor swing low and it looks like it's going to close beneath it. I think chances of a completed double top on gold are now pretty high, that's why I sold my GLD shares today. I may buy it back later if I see significant improvement, but from now on gold is on neutral signal. If weakness continues I will issue a sell signal without hesitation.

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