For months The Technical Report subscribers have been avoiding long positions in gold. We recently took a short position in SLR because it was making a rising wedge pattern. Gold in US dollars has been going sideways in no man's land.....until recently. It has now given us a clear downward lead. Beware the next leg down in the gold price - especially if it closes below $1600. The chart pattern is making a clear inverted or upside down flag pattern and the downside target is $1450. The opposite trade would be to hold US Dollars. Below is a chart of the gold price.
All best for Christmas to all subscribers and blog readers.
All best for Christmas to all subscribers and blog readers.
