Goliath Has Fallen

Goliath

(Source: artinthepicture.com)
 

After 12 years of nonstop gains, bears have managed to take the price of gold beneath multiyear lows. Nobody knows where this will stop, and despite the bullish fundamentals price action is king and the technical damage has been done:

April 12th GLD Weekly

April 12th GLD Weekly Fib

Bonds are up and the dollar has not dropped…it is time to be careful out there. The fundamentals still exist but as traders we must manage risk, and commodities across the board are flashing warning signs. Don’t let your outlook affect your decisions in the near-term.

Good trading all.

Steve Chapman, TRI


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