........The XAU Filled It's Upside Gap At 159.93 Today

Often cycle highs/lows occur shortly after the last of recently created gaps is filled. Thursday 4-20's upside gap at 159.93 for the XAU was the last of the recently created upside gaps, so, the monthly cycle may have peaked today. The Fed has been doing average lending since last Thursday, and, for the week ending 4-26 Fed Credit shrank -$3.555 Billion, so, Fed Credit portends weakness this week. The important factors pointing to a 10-20% correction are a very bearish NEM Lead Indicator in recent months, strong NEM sell interest at Lycos Thomson I Watch the past few weeks, and, the USD has been plunging in a Wave C down and is due to rebound sharply, which should send gold substantially lower. Another important factor is the extreme bullishness right now. Who besides myself is bearish short term??? I seem to be the only one looking for a substantial corection right now. ....... http://www.JoeFRocks.com/