rickackerman.com / By Rick Ackerman / February 21, 2013
Is it Katie-bar-the-door-time in gold? We seriously doubt it, although we wouldn’t blame bulls for feeling despondent after yesterday’s sharp decline, the second in a week. The April Comex contract plummeted to an intraday low of 1558 before reflexive buying provided a so-far modest bounce in after-hours trading. The good news is that the low was pretty close to a trendline that just about every gold trader on earth must have been watching. With such a devoted following, it’s hardly surprising that this technical support was breached marginally, presumably to put the fear of the lord in wanton speculators.