The damage in the precious metals began back in November when the critical 460 support level was broken on HUI. Anyone who did not acknowledge that the violation of this level (the neckline to the 2011 topping pattern) was important – or as NFTRH called it “abnormal” to a bullish case – was looking through rose colored glasses.
After that came a bottoming attempt, a failure in January, numerous bottom calls from around the gold analyst spectrum and a series of bear flags that served to reset over sold status just enough to fuel each new plunge. Continue reading "Gold Wipe Out Highlights Unbiased Risk Management"