The gold plunge continues, page-1121

Skol is just the pot calling the kettle black. You might as well lump him in the Jim Chanos camp as eternal gold or China bear. Call it long enough and it will come true eventually as nothing last forever.The other extremes of Schiff. They will keep on reminding about their forecast for the future and bang on. At the hint of being right they bask in the glory of the Nostradamus effect. Schiff is now facing a barrage of ridicule. However he does bring some balance view which is always appreciated besides the gloating.

He was probably subscribing to this, http://www.munknee.com/gold-silver-to-plunge-again-then-move-up-dramatically-later-in-2014/

Anyway hindsight is a good way of making good money or avoiding poverty but looking to the right of the chart 1157 or thereabouts is the 61% fib weekly that had a bit of rejection from yesterday's trading. If you look left that is a support level. I don't put particular relevance to fib ratios but it is only a tool for confluence.

Looking at the peaks the current peak formed last week is reinforcing the case for the bearish gold bias. Each peak is consistently lower from the all time 1900s high. I wonder if it is a case of de ja vu aka April 2013 which also happens on the Friday when the bears decided to swamp the opening iliquid trading period with a follow through Monday. We will find out on Monday NY open.

This can either be viewed as a tight range from the 38%-61% levels or just building "steam" for the next leg down. The confusing fundamentals are not making it clear either way.