|Run For the Hills!!!|
We warned readers Monday that the cartel could be expected to initiate a serious take down as gold approached its previous all-time nominal high near $1915 in an attempt to paint a double top on the short term charts, and prevent an imminent break out to $2,100-$2,200.
Welp, not only did we call that one to a T...but here comes our favorite propaganda shills loudly proclaiming what we knew they would- GOLD HAS DOUBLE TOPPED!!!
QUICK! SELL EVERYTHING!!
BUY THE 10 YEAR AT 1.9%!
BUY REAL ESTATE!
BUY THE SWISSIE! ITS UNDERVALUED NOW!
SELL YOUR GOLD NOW!
They even make sure to provide a nice Investopedia definition of a double top so the sheople can be properly educated back into paper fiat.
There may be a reason for gold bugs to be worried, according to Fast trader Brian Kelly.
Gold [GCCV1 1820.50 -52.80 (-2.82%) ] dropped almost 3 percent Wednesday as the stock market rally prompted investors to cash in gains after the precious metal’s surge to record highs in the previous session.
But what really concerns Kelly is what he sees in the chart on the left. He thinks gold is making a double top, and that’s a bearish technical sign.
In case your not familiar with this important technical pattern, according to Investopedia, a double top is a term that describes "the rise of a stock, a drop, another rise to the same level as the original rise, and finally another drop."
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