Thursday, November 11, 2010

Bearish Rising Wedge - GLD Intraday

Bearish Rising Wedge - Intraday GLD alert! 132 Downside target.

The risk trade is to be outright long gold here. There is need to have a hedging technique because people forget that gold is sort of useless and can fall as fast, or faster than a hyped up multi-billion dollar, no reveune, no business model, 2000 tech stock IPO. I am still a believer in the Gold bull and don't believe it's over, but I also know and realize Gold is nothing more than a measure of global psychology - the adhesive to global economics. We all share it around our neck, on our fingers, or as keepsake tokens, or maybe you have a vault with some gold bar pyramid stacked in the corner, but in the end, when the global psychology changes toward it, it will fall and fast!

A gold correction can happen faster than any algorithm can chase it, watch!!

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