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The Ongoing Euro/Gold/Oil Collapse
August 14th, 2008 at 9:43pm · No Comments
One week ago tonight gold was at 876 and I said to look for a break of the May low at 846. Just five trading days later gold is at 802 – and that’s the December contract! The ongoing collapse in oil, gold and the euro is the news in markets this summer. I’ve been on top of this new trend from before it’s start. As a seasoned market observer, the relentless nature of these declines is extraordinary. The market is sending a message, that many, many people are trapped in long positions in gold, oil and the euro. Today the Cycle-Trap in crude oil turned up, but that isn’t necessarily enough to turn oil higher. These markets will need to prove through rallies that can last longer than a single day before any type of bottom can be called. My belief is that even in view of the tremendous drops so far, there’s no reason to try believe these trends are near an end.
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