Ive closed all of mine today. Gold is at the top of its descending channel. The trend is the trend and if the trend continues, gold could get absolutely walloped tonight. The Euro dropped out of its ascending channel and is not bouncing back. The US dollar has broken out of its descending channel and looks to be headed up. The DOW has failed to penetrate the 200 MA and is losing steam. The transportation average also failed to penetrate its 200 MA which is also bearish. The S+P has fallen through its ascending parralell channel and looks to go lower. Also indices accross the world are weakening. It was their strength that would have possibly pulled the DOW in a bullish direction. That is now failing. Its time to get out and watch IMO.
Since the Euro has dropped out of its ascending channel and the US dollar has broken out of its descending channel, I cant think of a more bearish outlook for gold stocks right now.
