Wednesday, April 8, 2009
Gold Tests $890, then Should Fall Hard; April 8, 2009
In a previous post I said gold might rally and test the underside of the $890 area before grinding lower and that's exactly what happened in the overnight session. The failure to break through above the $890 level should cause the remaining hopeful bulls wanting gold $2000 to finally give up and sell, sending this metal sharply lower.
I remain heavily short gold, but am watching that $890 level closely.