Monday, June 02, 2008
Revised gold outlook: neutral/bearish
This is a very short term outlook (few days), but I am neutral/bearish on gold. I covered my long at today's close, and I am even considering shorting if gold goes below 890. Despite today's ugly news from financials (UK's Bradford & Bingley and S&P downgrade fest), gold action was FAR from satisfactory. Gold could not penetrate 900 with convincing momentum...very pathetic. If gold can't clear 900 tomorrow, I think it will sell off to about 870-875 this week.
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