Looks like the scenario I was describing last week is likely to occur….the bullish flag has been building and a move above $1140 will confirm. I’m not proclaiming that the bottom is in and gold has entered some new bull phase. It’s just a trade and there is money to be made. In my view this is purely a corrective move but when a setup presents itself for a profitable trade I take it….regardless of what my long term views are on the markets or what I think “should” be occurring. When this correction is over we may have the perfect entry to get short but for now I’m taking the trade that the market is serving up because it’s “in the charts”.

Gold