U-Turn For Metals

As fear has made a swift exit from the market, the flight-to-safety trade has likewise disappeared. Look no further than gold for evidence of this, as gold gets monkey-spanked this morning:

I’m delighted to see gold weak, because I’d like to get long at the right price. To my way of thinking, the “right price” is perhaps about $114.50 on GLD, which is the confluence point between the breakout price (green line) and the now-broken channel gold had been trapped in for years (red line, which is the upper trendline of the aforementioned channel). So……I wait.