Welcome to hell. This stock is headed lower based on HnS pattern to the level of $16 and based on flag pattern to the level of $20. Surprisingly the fib retracement for the stock from the 2008 low to the 2011 high, $20 area is the 61.8%. so i believe it will stall their first.
This market has gone nowhere in the past month. I don't think the market is heading higher for next month or so. Its not surprising that we had a bounce from the 61.8% retracement area but a low volume clearly tells that a lot more downside is coming and no one is accumulating gold as of this time.
Huge volume on friday, especially the last hour. After the HnS breakout, this is a perfect entry. If you look to go short than your stop would be close above $32.00.
Cheers.
