On a weekly chart one might expect a small gold counter rally from current levels . It hasn't come yet, and if gold breaks down further from here it wont auger well technically at all. Gold has 14 days to try to finish the year higher than 1184.20 where it was 12 minths ago. 12 wasted months in a secular bull trend, 12 lost months of opportunity for goldbugs, 12 months of "the collapse is coming", "its not far away", "now is the time to load up /top up/ buy in on physical, goldies, paper", 12 months of "its ok we are shielded by the AUD" as a final cop out on goldbug investing disasters.
2016 will be a rinse and repeat, with different faces on the forum blowing their hard earned on a commodity that doesnt pay a return, costs money to hold, and that any sensible investor with a basic chart in front of him/ her would quickly walk away from.
I predicted 12 months ago gold would go lower this year. In 14 days i will be correct, and many here will herald me a gold guru with uncanny market insight. But i am a humble man and wont accept praise for the obvious.
