Gold & XAU

[Billy]

I just read this from today's McClellan Report (one of the best Gold timer).

"Gold did as I expected, not
making an immediate followthrough
to Wednesday’s big
one-day selloff. The key to an
important decline is not to let
very many people believe in the
decline when it is just getting
started. So interrupting the
decline is a good way to throw
people off the scent.
The XAU halted Wednesday’s
decline at the level of the
Jan. 12 closing high. And it is
still above the rising bottoms
line. But Wednesday’s price bar
was a key reversal, and those
tend to matter more for the XAU
than they do in other parts of the
market. Look for gold prices
and mining company shares to
continue the decline in the days ahead."

[Billy]