Gold Losing Its Luster

Yesterday, StreetBrains technical guru – Steve Frenkel of PatternWatch – was on CNBC to discuss whether or not there are still investment opportunities in Gold.

While Douglas Doyle of Blanchard & Company (which on their website boasts they are “the largest and most respected retail dealer in rare coins and precious metals in the United States”) called for Gold to reach $1150 this year (shocking prediction from a firm that specializes in precious metals), Frenkel countered that Gold technical indicators show that Gold is well on it’s way back down to $720.

At the time of this posting, Gold sits at $877, down $33 from where it was yesterday just moments prior to our CNBC appearance, and down $39 from it’s $916 high (which Frenkel had previously targeted as the high).

Click here to watch the video.