Saturday, March 21, 2009

Gold Looks Immediately Bearish; March 21, 2009

After the Fed news on Wed. and me watching a nice short gold profit evaporate in less than a minute, gold has had little follow-through. This is bearish. Now look at the 1 hour gold mini futures chart above that shows a MACD bearish divergence (bottom indicator) and the classic bearish head and shoulders pattern price is forming.

I'm short gold again with a stop at a new high. If I'm stopped out, I will re-enter again on weakness.

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