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Major bottoms and tops are always greeted with scepticism and doubt.
When gold surged on the open in NY and hit a new all-time high back in March, only to reverse that same session and close down,most were convinced that the run was not over. Even in the days and weeks following, the bullishness remained that gold would soon climb to new highs.
A week ago last Friday gold opened sharply down in NY only to reverse and close up that same session. Again the calls have largely been that gold's decline is not over. The scepticism/ doubt and nervousness remain, BUT the pattern is always the same.
I said back then and I will say it again. That was about as convincing a reversal as you get. The fact that many, whether they admit it or not, are fearful or expecting lower lows, confirms that Friday's reversal as, THE one.
