See if you can make out the double top that has developed this month --ill formed as it may be. The 52 week high of $74.21 forms one peak, then the neckline or valley at $68ish and the second peak just under $73.00. You can see it better in the 10 day chart in the 15 minute time period below.
GOLD has now broken down beneath that neckline, and this is where we are going to short it from.
We are not catching this right at the tippy top, but it is the second best place to catch it and the downtrend line is on Rangold Resources (GOLD) now formed. We will take a 1/4 short position right here.
Sell short 25 shares GOLD @ $66.10
Stop @ $70.10
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