The Flogging Will Continue

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It’s very easy to see patterns once they are far back in the rear view mirror. I observe the $XAU (gold and silver sector) with a combination of awe and gut-wrenching regret as it clearly was one of the largest, cleanest head and shoulders patterns of all time. Just breathtaking:

0626-XAU

As much as this has dropped, its measured move it back down to its 2008 low of just under $64, which is still a ways down from here. Incredible. Just incredible. Precious metals have not bottomed yet.