Picture Is Getting Clearer
Yesterday we asked the question -- what's wrong with thispicture? We got the answer that we expected -- the metals are under pressure.Gold sold off about $12 and is now testing key support.
Gold doesn't look real healthy here. Although we expect abounce today, we are looking to be sellers. Based on the market action in thelast couple of days, gold should be much higher, but it's not. Markets leavefootprints and this print is sending out warning signals
The big rally we saw from the recent lows looks like it hasrun out of gas and is desperately looking for some support. We expect this sell-offto continue and a test of $1,300 looks to be in order. We aren't liquidatinglong-term longs but we are selling in the short term.
Contributing tokitco.com
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Bubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.