The trailing stop we had on the short gold position looks now to have been an excellent move.
While I did not anticipate a counter trend rally of this magnitude, the fact of the matter is that gold is at a turning point and I mean right on a turning point.
If the yellow metal turns south right now and I mean not 1 dollar higher, then we can expect the decline to continue and continue with a vengeance.
If gold rallies just $1 more, then we can expect new highs.
The fact remains that gold is in the process or already has put in a top of major proportions and the odds of the next major move being a break in prices.
So, the next trading session in gold is key to the next major price move.