Did today’s decline in gold surprise you? It shouldn’t – during Thursday’s rally, gold moved to two resistance lines.
And I sent out a special Alert indicating that this was actually a shorting opportunity. That’s my second position in gold in years, and we closed the previous one profitably in April this year. The beginning of a bigger move And let me tell you this – the move lower has only begun. I’m not going to show you short-term gold charts in this article, but I am going to show you several long-term charts confirming that what happened on a short-term basis was not accidental.
Pessimistic economic indicators On a side note, it’s quite pessimistic to see that despite all that stimulus money , stocks were not able to move to new highs. It’s not a recession on its own, but it does indicate that we might see one in the following months. Let’s keep in mind that technicals precede fundamentals, so a slide in world stocks here could indicate a global economic slowdown.
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