“My fellow Americans, our long national nightmare is over.”
but we'll probably be hearing the phrase over the next 14 months.
Since December we've been of the opinion that gold is going lower, and, even with the early May reaction up-move the series of lower highs, dating back to October 2012 remains unbroken.
Gold is going lower. The January 1980 Hong Kong print of $875 may end up being the ultimate bottom.
$1385.60, down $30.20 last.
From Futures Magazine:
Gold falls after jobs report, risks slide to $1,300
...Commodities: Crude oil continues its consistent strength in today’s session, trading up $0.91 to $95.68. Key grain markets, such as corn, wheat and soybeans, are all down slightly. We focus on gold. We believe gold will approach 2013 lows, and possibly break below $1,300. Our key targets are first $1,340, and then $1,290. Gold is down $32 today to $1,383.
Click to enlarge.
The mid-April decline bottomed at $1321.50:
