I’m going to go with “FIRE.”
Last Tuesday I wrote about resisting the revenge trade in gold, for stubborn gold longs. While today’s plunge might be a washout bottom, a weekly close below $148 on GLD sets up the nasty potential for a sustained move much, much lower. Given how many bulls in recent years have staked their gold claim at $148, you can imagine how much pent-up supply there is should that level be definitively lost. Let’s see how they close it.
Also, thank you for all of the chart requests and feedback last night. I enjoyed doing the seven-part video series. If you missed it, feel free to start here with the first video and work your way up.