Friday, April 10, 2009

Gold Did Nothing, But Still Bearish; April 9, 2009

Gold did nothing today so there's nothing new to report other than yesterday it made a feeble attempt to break above $890 and stay there and has now started to decline towards the next support level at $830. As long as $890 is significantly broken and held, gold is immediately bearish in my view.

I'm still heavily short and will remain short until I'm stopped out or a strong rally changes the outlook of wave and technical structure. As long as the metal remains solidly beneath $890, I fell comfortable holding short. A strong break and close above $890 will bring extreme caution. My initial target is still the $890 area, but possibly much much lower.


Jeremy Demunter said...

Hi AT,

I have a simular count, let's see if price makes it to 700. Nice blog you have here, keep up the good work ! :)

Friendly greetings,

Todd S said...

Thanks, Jeremy. Welcome! Your comments are encouraged.