10 May 2013

Gold Daily and Silver Weekly Charts - Acts of Desperation

"It is not at all uncommon for someone to arrive at a scene of brutality or injustice and, with a sympathetic murmur or heroic flourish, attack the victim."

Renata Adler

Intraday gold tagged the 50 percent retrace of its rally off the bottom, and then bounced back.

From everything I hear all these paper price declines are met by heavy physical buying. The jokers may have overplayed their hand.

The potential 'bull flag' is gold is very much intact.  The rally from the bottom has now been retraced. 

See you Sunday evening.