Loading ...Dennis Gartman yesterday…
As for gold we’ve little if any interest. We own some but our interest is of little consequence and the rally that spot gold has enjoyed from the low last week of $1235 to this morning’s peak of approximately $1265 is already running into strong resistance. Note then the chart this page at the immediate left and note that the volume on the rally has fallen. Hence, if volume is to follow the trend, then clearly the “trend” is not for the better but is indeed for the worse. Secondly, note that we’ve once again drawn “The Box” marking the 50-62% retracement of the last major move. The Box has proven formidable in the past; we suspect that it shall likely prove formidable again…
“Let’s use this opportunity to reduce this position a bit more cutting the trade in half once again and using the strength of the past several days to do so. We need “margin” money elsewhere and can use it more effectively there.”
And today:
As for gold we’ve nothing new to report or to be added here this morning, and barring some disconcerting geo-political news that might blow up at a moment’s notice we very seriously doubt we shall have anything new to report tomorrow or Friday either. That said, resistance between $1258-$1264 remains formidable