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Gold--about to give it up
Posted By: hugo
Date: Thursday, 1 May 2008, at 9:08 a.m.
Its been like watching paint dry on this two week downtrend in gold as we stairstep lower-timid shorts and ever hopeful bulls.
Nice reversal overnight following the euro lower, of course.
The euro is about to do an impression of a waterfall as it break loose from the previous angle of descent. Still think 1.51 is a good target. Could eventually work its way back down to the 140s/high 130s.
Gold will give it up faster than the euro. its been much weaker at the top here over the last couple of months. The last gasp for bulls will be the 850 are, but I'm guessing they might not make much of a stand. Could easily reach 800 today or tomorrow as the euro dives.
hugo
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