Final shakeout for gold? April 2, 2009
Posted by Warren in Metals.trackback
Good morning. The dollar is getting crushed (AUD up 2.5%), yet gold is down 2.5% (low at 897!). Catalyst seems to be the G20 meeting (e.g. mark-to-FRAUD and IMF gold plan), and in my opinion, this news is a SELL. Today’s gold sell-off may be seen as a break through the Nov08 trendline (depending how you draw the trendline), and with payrolls tomorrow, it’s gonna be interesting to see how gold closes for the week. Personally, I’m hoping that today’s sell-off is the final shakeout.
Gold JUN09: 1-month
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