Resistance Is Not So Futile

Markets continued to be very choppy over the past week but they are holding key support levels still.
Until we break above or below key levels a high cash position should be best.
I’ve been mostly cash except for a few small trades the past 2 weeks.
I have no problem waiting for high probability setups to form and there aren’t many out there right now.
As for the metals, they rolled over hard from resistance levels and are once again looking for more weakness.
Tuesday saw some of the regular perma-bulls emailing me telling me how wrong I am in a rude manner which really gives me no choice but to give their opinions little to no regard.
I have no problem listening to a point of view but being rude is just so childish, then again, I suppose if I’d been wrong all these years and lost so much money I’d be a bit jaded as well.
I’m not a bull or a bear, I just read the charts and do what they tell me.
I have nothing against gold and I’m not in love with it, I look at it objectively.
I’ve got no issue with being wrong, it’s staying wrong that I have a problem with.

This post was published at GoldSeek on Sunday, 3 May 2015.