Gold breakout imminent… April 14, 2009
Posted by Warren in Metals, Strategy.trackback
…could lead to a massive short squeeze. Many speculators piled in to short gold when it finally broke 890, expecting a significant correction (some say to 700!). Despite such selling pressure, gold seems to have bottomed at 865; the break below 890 may be a bear trap. Gold is sitting at 890 right now…I would like to see a weekly close above 900.
Gold JUN09: 1-month
Silver MAY09: 1-month (already breaking out)
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