Gold's Final Curtain
Interesting action in gold overnight -- the equities were selling off hard and so was gold. This is one ofthe reasons gold is not a hedge against the equity market; it's just a hardasset. One would have thought that based on the pounding gold has taken, itwould be spiking higher, but no, the sellers are still the strong hands.
There will be a point and timewhen gold becomes loved again; when and from what price are to be determined.All signs point to a break below $1,200 and a test of at least $1,180, whichcould be the final curtain.
For all gold investors and those whoare looking to buy more, the best action from here would be a blow-off bottom.A blow-off when price and time are disregarded is the only way to shake out thelast of the bottom pickers and let gold finally make a bottom. The currentaction is ugly and slow, which has not allowed gold to make its bottom.
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