Gold Bugs Squished?

COMEX:GC1!   Gold Futures
I've been talking about Gold GC1! hitting a major high for my last two Livestreams (catch them Friday at 4pm Eastern after the market close). The current price action warrants a standalone post.

Each Livestream for many months has had at least one person ask what I thought about Gold. It was very simple: Gold was trending UP to test the major Monthly highs. In many of my social market chats about two weeks ago my gold bug friends began getting very excited. I urged caution. Price MUST break the high and confirm the breakout before getting long at this major Resistance Level. Now it looks as of gold price is respecting this monthly high from the last few years.

To be contrarian I had to short Gold (using GLD ) based upon a Spike setup from Friday May 5th's high. Last week price pulled back and "should have gone" to retest and break the high. It did not and returned back inside the range. This sets up a short. I also know from taking market sentiment that a lot of traders may have gotten a bit overly optimistic. This could setup for a good pullback to at least the 1850 Level.

"Be to others the person you needed to meet 10 years ago"

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