Welcome to GCRU #297 on Apr 2, 2008 (in our 7th year). �œ�œ�œ�œ Nothing has changed. The Fed�fs phony & ineffective war to �gsave�h the global fiat monetary system might bring illusory victories, though nothing of true consequence. But, public perception drives the mkt & we would be wise not to disregard it. Bullion will stay wobbly/weak for a while, as it continues to digest a mix of profit-taking & �gforced�h selling by tumbling hedge funds & other highly leveraged entities to reduce their dependence on borrowed funds -- but it won�ft be long before the deep-pocket players, needed to drive gold prices significantly higher, jump back into the only bull mkts in town (gold/silver/base metals/commodities/high yield currencies). On the technical front, gold is breaking neckline support of its H&S top (as we write), with a $775 theoretical downside target, though the $812-850 level is projected to put a concrete floor under price as cited last week. Breakdowns from H&S tops frequently morph into bullish downwedges, so keep a close watch on price, & be ready to act quickly should a D/wedge breakout, & rise above (H&S) shoulder highs.
