I had the chance to reconnect with technical gold trader Gary Savage, publisher of the Smart Money Tracker daily gold market commentary and trading service, which has outperformed most of the world’s hedge funds in 2011 and 2012.
It was a powerful conversation as Gary indicated that gold has finally confirmed a breakout, which if holds, suggests we are likely entering the next “C-wave” move or final “bubble phase”.
With the completion of yesterday’s breakout in gold, Gary noted that,
“We [now] have confirmation
that June 28th was indeed an intermediate cycle low and a yearly cycle
low. So anyone that wants to trade the metals or miners at this point,
you can put a hard stop right below $1179.
If that gets violated, then the odds are somehow the Fed or whoever,
has managed to abort the secular bull market and you might as well get
out and be done with it…but I don’t think that’s going to happen.
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