Chart Of The Day: Why It's Too Early To Short Gold
Gary Savage | Mar 06, 2016 01:01AM ET
I'm going to caution traders against shorting gold right here. I doubt we've printed a final intermediate top just yet. Intermediate cycles rarely top on anything so obvious as a reversal candle.
Next, I doubt the euro has finished the rally out of its daily cycle low. That means the dollar still has further to fall. If I had to guess I'd say we are going to get a marginal breakout above $1308, and that would be the most likely spot for the intermediate cycle to top.
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