metalsmtl
05-02-2012, 09:20 AM
Gold hit the top end of the range yesterday and then reversed on better than expected economic numbers. Remember, good numbers would lead to a tighter Fed bias, aka good for the dollar and bad for metals. This morning flirting at support around $1,650. US dollar up this morning accounts for metal weakness. Would still like to see a wash out to levels mentioned last week but my medium term 6 months and further out remains bullish. The more depressed the dealers become the more bullish becomes my sentiment. They are actually amazed that they have to work for profits. Whats this all about.