Gold Crashing Again! Intraday Update

The October rally in gold is an odd looking impulse type wave that could be a 4th wave rally. The decline that we are in is pushing all the bearish buttons. Any wave two correction I started with is not forming well at all, so the chance of another new bearish low is real.  Even if gold hits another low it may not fall that far,  before it cranks up again. The US dollar is still looking to break out with stocks still playing the topping game.  This is all part of  the stock mania, on a smaller intraday scale.   To help gold along the US dollar needs to decline and today this is just not happening. 

This could take until next week before we know if gold has its downside breakout. $1261 seems to be the double bottom floor at this time, and at $1260 any bullish hallucinations I had are instantly trashed.  

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