The latest midnight massacre in the precious metals has turned the short-term gold charts bearish. The unnatural-looking action since Monday evening makes the pattern-search challenging, but we’ll take a stab at it as shown in the attached chart. The midpoint at 1810.40 would be a risky buy due to its position just below “B” and two important prior lows which remain exposed. The “D” target at 1763.80 looks better, but it’s a long way down from where we are now. Maybe we’ll have our chance tonight, around midnight. (Posted by Doug “harry” McLagan)
