RE pointed this out. Orlandini is back. Article "bears" paying attention to:
321gold.com
<On Friday not only did February gold close at a new all-time high, but it also posted a higher intraday all-time high (924.70) as well as a lower high and has completely recovered from last week's misunderstood 7.2% reaction. There were scary moments on Friday as the February gold fell all the way down to 906.00, down 18.0 from the early morning intraday high, before rallying into the close. Just the boys playing their games and making the new kids pay the price of admission. Actually, February gold was up another 6.0 at 915.80 on the Globex late Friday before everybody went home for the weekend. Decent support is down at 905.60 and really good Fibonacci support won't come into play until we hit 891.40. Everybody keeps on saying that gold is way overbought and a correction is imminent, and if they say it long enough, I suppose it will eventually come true. In the meantime, there is no doubt that gold will see a 931.50 print sooner rather than later and I suspect we'll continue to march higher, maybe even as high as 1060.00. Along the way we'll more than likely see another 7.5% correction that will shake the trees.>
<There is no real resistance in the March US Dollar Index until we hit 76.68 and that really defines the trading range we're in at this point in time. As you can see in the preceding daily chart the Dollar Index is being squeezed into a tighter and tighter trading range, and given the indisputable fact that the greenback is in a bear market, there is a strong possibility that we'll see a significant break-out to the down side. (You may recall that this is the inverse of what happened with gold during the first 7.5% correction.) That downside breakout will occur with a close below 75.30 and should produce a fast and violent trip down to strong Fibonacci support at 71.95. Only then, in my opinion, will we see some sort of decent upward reaction.>
<It is my belief that a test of 11,638 will produce a rebound up to 12,811 later this coming week and that will in turn be followed by a run down to the critical 10,795 support.>
<As of late it seems that gold is somewhat tied to the ups and downs of the Dow and it would not surprise me to see gold top out shortly after the Dow reaches the 12,811 mark. This implies a top in gold somewhere around the 968.00 mark. Once the Dow begins to head down to my 10,795 area, I would expect to see gold specifically, and commodities in general, deflate.>
<Once gold tops, I am convinced we'll see a 20% correction. Most gold bugs are now so caught up in the euphoria of the rally that they can't see the windshield coming toward them at 100 mph. The only word that comes to mind is "splat"! Once gold and the commodities begin to correct, you'll have your first indication of what a full blown deflation would look like. Gold, commodities, stocks, and the US dollar all headed south at the same time.>
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