Dan Fitzpatrick, of Stock Market Mentor, did a very nice job this morning explaining the current Gold correction from a technical perspective. Although he believes that the long-term uptrend is still intact, the short-term trend is down and he thinks that we could see further downside pressure.
Fitzpatrick sees money coming out of precious metals partly because stocks currently appear to be more attractive. There is also some Fibonacci support at previous lows that he is watching. Click on the Video to check it out:
Tags: $GLD $GC_F $SPY