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Gold Bears Are In Control

This last week has been great for gold traders and analysts, and certainly good for gold bears. For the traders we have had a number of nice opportunities to make money during price swings, but analysts should be the happier group as the gold (GLD) pattern has given us all a big clue this week as to future direction.

Last week my article gave a forecast for the next month, stating that I viewed the current rise as 'just another bear market rally', and that I expect slightly higher levels going into late February. The action we saw on Friday may have reduced the probability of new local highs, but I still expect a very tradable top around that time.

Before we look at the charts and get to this week's forecast, I want to reiterate that there are a number of fundamental factors in play that gold traders… Read More …