Tuesday 12 December 2017 | The view from Wall Street & Silicon Valley


Gold

Gold tanks, look out for a buying opportunity

By Ben Turney | Sunday 14 September 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from TopStockProphets). I have no business relationship with any company whose stock is mentioned in this article.


On Tuesday I described how gold speculators were charging for the exit. Since then the market for the precious metal has deteriorated further. Precipitous price drops have combined with increasingly bearish technical indicators. The chart below looks like it is on the verge of total breakdown and 2014’s rally hangs in the balance. However, for the bold trader, this could all be creating amenable conditions for an excellent contrarian long trade.

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