XAUUSD "Thanksgiving Short"

As we informed our members and posted in the Forum, we went short on Gold yesterday just below the 1,195 top level. The trend turn came exactly where expected, at the very end of the EW expanded flat ABC correction move. Gold's uptrend has run its course, and a further decline is expected, with yesterday's top holding for at least a year or more. This is an excellent opportunity to go short at any bullish retracement, targeting further drop till year-end and into 2010. The only scenario that could change Gold's bearish outlook would be further currency destruction and stimulus package by the Obama administration.