Gold. GLD. GELT der Rhinegold.

As may be seen here gold is well above its trendline and its present status is range bound.  If you wanted a Basing Point the mid November wave low would do fine.  We would look at present minor wavelet lows as buying opportunities, but we would prefer a dump-bump-dump pattern to buy.  If we see one we’ll wake you up.

Anyone who thinks the worst is over is asleep.  Bears will find a way to hammer the market.  They are infinitely resourceful.  And gold traders need to flush out amateurs before there is a major leg up.

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