Gold Sellers Won't Go Away
Gold remains under pressure andthe sellers just won't go away. For months, gold has felt like an elephant was sittingon top of it. Every day I think this will be the day that we see at least adead-cat bounce, but every day there is disappointment.
The action in gold has beenpredictable based on the footprint that is being left by the money flow. It'sobvious the strong hands are the sellers and gold has more work to do on thedownside. We are still targeting $1,180 as the first level to look at to bebuyers.
Today is the big jobs number, andgold will be affected by the market reaction. The questions are: will goldfinally bottom on the number? Will the long-awaited dead-cat bounce finallyappear? There is a greater chance for a dead-cat bounce than the bottom, basedon the market action.
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