Friday, April 12, 2013
Gold crashing, market holding ST support
I posted Sunday that if gold failed to rally hard and fast above 1650 it was in big trouble. Today the shiny metal is down 4% and has broken long term support. Key inflection points create big moves. Gold could attempt to test the underbelly of the broken channel line early next week but I would not count on it. Price could continue straight down to 1350-1380 before a break in the selling.