Gold Breakdown

January 15, 2009

Gold completed it’s bearish pattern yesterday by breaking down out of a channel going back to October. The gold ETF (GLD) saw volume rise as did the volume on many individual gold stocks, which doesn’t bode well for this metal in the short term. While I don’t normally consider shorting gold stocks as I think they are going higher in the long term, I may make an exception as there seems to be a lot of downside potential here.

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