Doesn't look good for gold bugs... but for cool kids!

FX:XAUUSD   Gold Spot / U.S. Dollar
222 2 3
On at monthly logarithmic chart gold             has broken its back by loosing it's long time supportline.

What was the reason for QE whatever number.... credit crunch and afraid of not maintaining a minimum inflation rate of 2%.
Well what inflation rate does your country have today? Here in Denmark it's 0,2%
If we have a deflationary outcome ... gold             goes lower.

We might see a back test of the broken long term trendline .... Gold             bug or not - it doesn't look good for gold             .

Safe trading


Music at work:
Gold at a critical junction right now . 1268 ish seems to be the level for gold to cross with a decisive move
A closer look at fib and price
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