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Monday, March 7, 2016
Precious Metals Sector: not a Flag / Pennant, but a TOP - NEW LONGS ABOUT TO BE FLEECED...
Many analysts and writers have described the pattern forming in the past
couple of weeks in gold as a “bull Flag or Pennant” with some appearing
to be “playing to the gallery” – i.e. telling their audience what they
want to hear, which is that gold will continue to go up. I, on the other
hand, decided that the triangle that had formed was not a continuation
pattern, but a top, and said so about a week ago. So, as you will
readily understand, I was not looking good when gold seemingly broke out
upside on Thursday, and came in for considerable flak. However, on
Friday there were some dramatic developments across the sector which
look set to vindicate my stance.(more)