| 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!
BUY STOCKS!!
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.
-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.
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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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