Thursday, July 26, 2012

You Will Really see the Shorts Panic

“The gold market has been in this consolidation pattern, and building a base for a long time now. The bigger the base, the larger the move out of that base. If we get a breakout from this very large base that gold has been in, and gold is able to take out $1,700 on the upside, that is where you will really see the shorts panic.

If gold breaks $1,700, it will be absolutely devastating to the gold shorts. With a break above $1,700, I would expect gold to move very quickly to the $1,800 level because of the amount of energy that’s going to be unleashed in that market.”

- Trade Dan Norcini via a recent King World News interview, read the full interview here: