Gold is down about $16 today and is below some key support. The set-up is bearish and a little follow through here could lead to another 5-10 percent of downside.
Gold should have rocked on QE3 and hasn’t. In fact, contrary to expectations on the Fed’s monetary stimulus., the whole commodity complex has been a dog.
We’re short gold and have been burned many times as it can rip on nut cracking covering. Always with a stop.
(click here if chart is not observable)