After almost 30 years of living almost tick by tick price movement of gold, I had finally thought I was truly out from having to know what the price of gold was and why.
As previously noted in recent weeks, the number of bears on gold became impossible to count. Predictions the “relic” was heading south of $1,000 and would not see higher prices for years to come, were all too common.
Much to their surprise (and a coming big hit to their pocketbooks), gold has not only avoided its own death, but is close to making a big-time breakout that will give new meaning to a short squeeze.
This is an excellent commentary on the technical picture of gold. This morning’s pullback comes as no surprise, is healthy, and it would come as no surprise to me to see it reverse and take out above resistance sooner than later.