Bad News for Gold Bugs

Added on by C. Maoxian.

Despite the broad market sort of collapsing, gold isn't doing much. In fact, Barrick Gold (ABX) looks like a short to me for the third time in three years. Frayed-shirtcuff Elliott Wavers spotted a short set-up in February 2014, and again in May 2015. Now in January 2016, the voodoo is projecting a target price of $4ish. Ugly. 

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