Buzz & Banter
John Succo's article this morning on gold, "The Fix is IN", is a must read to kick off the week. Meanwhile, I wanted to follow up on a piece I wrote last week where I said gold looks as if it "wants to take a breather."
I'm following the Dec. contract, which first gave a sell signal at 380, then fell apart on Friday breaking the trend line by printing below 370. Technically, the short-term trend is now negative and Dec. gold should struggle with resistance in the 380 area. The most important support level from here is down in the 344 area. Risk/reward from here favors the downside for a trade.
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