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Here is the biggest picture I can dial up of the XAU gold & silver index. Can somebody please tell me where the bearish is in this picture? And that is just the technicals. The fundamentals are IMO well in the precious metals' favor. Here on the monthly chart we see a massive cup w/ handle type object. The gold miners got a little over enthusiastic as they got caught up in the commodity bull trade blow off. But they managed to pierce the rock solid resistance above 150 before retreating. I always like to see the pole on the flag (handle) get above the resistance line. But did anyone really think it was just going to be clear sailing once 150 was breached? Here on Gary's trading desk we sold down to the core (taking profits... good) and wrote "they are your profits, why not take some of them?". In fact, that is where the bulk of my profit performance came from last year; the sales leading up to the May blow-off and then simply protecting the profits.
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