Bullion Market Bears Are Roaring!

22

Transcript of Bullion Market Bears Are Roaring!

Something very interesting is happening in gold…

The yellow metal saw remarkably heavy selling over the past two trading sessions

that took it to new multi-year lows near $1,100 an ounce.

As you can see, gold just fell firmly below $1,150 an ounce (red line), which werethe swing lows set in late 2014 and early 2015.

With that level now in the rear view mirror, it’s highly likely gold experiences

additional losses in coming weeks.

From this weekly chart you can see gold’s next major areas of support is at $1,050

(top red line) and the psychologically important $1,000 zone (bottom red line).

Given the abruptness of the recent selloff along with the fact there is little

fundamental reason to own gold (at least in the short-term), I wouldn’t be surprised

to see the metal at $1,000 by the end of this quarter.

All the inverse leveraged gold funds currently available are thinly traded. As a result, they can be a bit on the tricky side to enter and exit efficiently. With that in

mind, these ETFs are best left to experienced traders!