Friday, November 28, 2008

Gold About to Fall; Nov. 28, 2008

I just wanted to post a gold chart because I've built heavy short positions the metal over the past few weeks. It appears to have made a strong 3 wave rally and is currently in a consolidative pattern similar to a triangle. This appears to be a 4th wave. So I'm expecting one more pop to a new high around the $840 level which is the 61% fibo level of the entire decline in Oct. From there, gold will decline to a new low on the year. My target is $650 which is about 20% lower from current levels.

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