Saturday, February 14, 2009
Gold Looking Like it Will Fall off a Cliff Soon; Feb. 14, 2009
I have been wrong on gold for so long I haven't posted much on it. But I do see a severely weakening up trend here, and add that most of the TV and news I hear is bullish on gold and I can confidently say that this metal is in its last throws before a massive selloff. Look at the above daily chart of gold futures and you can see the RSI and MACD momentum indicators have failed to make new highs since December, even though price has continued to push higher. This doesn't tell us where or when the uptrend will end, but it does tell us that this rally won't last long and when it reverses it will be a fierce fierce selloff.