is the gold bull over?, page-13

The question has always been whether it is better to wait for some confirmation that it is a nasty correction or bull trend over. I take the view despite the noise of a broken correlation between physical and paper gold demand and all the conspiracy regarding manipulated paper gold price is that no body can define it. No body knows where the low is until after the event.

So instead of anticipating, why not just look at sectors that are in bullish mode as opposed to catching the falling knife? I rather pay for the confirmation this time around with GFC survivors still around and I suspect post GFC new investors are constantly being reminded of the recent GFC rout hence mining sectors never had any traction to a rally.

The mind set of those on the sidelines are akin to the consumer waiting for Myers/DJ to go on their half yearly sale before dipping into their pockets. Always looking for a bargain. However in this game looking for bargains is like buying product quality rejects as opposed to last year's fashion.

The gold chart daily is clearly showing a double bottom or break support and cascade much further down. I was anticipating this pattern at the start of the retracement and told myself that 'near' this level I would be looking for bargains. I am not so sure right now. No harm waiting. Not making money is worse than losing money taking a guess.