Gartman has become a media favorite because he says what told to say...a shill and good reverse indicator for gold.
Hmmmm...10% unemployment that they admit to...meaning real unemployment 12-15%.
Gold fell because it MUST fall on unemployment reports. And crude oil was crushed to $66 which didnt help. $US rose, but is still below Tuesday's high.
A few days back I listed about 10 key markets that made impt. lows week 3 of June [June 22-23]. Of those only silver has made a lower low, being targeted now because gold won't crash. The others are still well above June lows. If these markets float back up today [and tomorrow in Canada], we still can have our July breakout in metals.
If we stay above the June lows but go more sideways than up, then the upward pressure by mid August would be incredible. There will very likely be a rally in metals going into Monday July 13, and the move up into mid July plus the down leg after that will define when gold and silver will break out if it hadn't already. Some say that the right shoulder of gold's huge H&S formation needs a bit more time to form.
Dont waste time watching ECU until the last hour unless you are buying, but sentiment should gradually improve from July 1 forward.......we shall see.
DOW was down nearly 200, now down 160. Oil is down a whopping $ 2.30, gold $11, silver $.35. HUI and XAU have remained above Tuesday's lows and canadian jrs. are trying to adjust for yesterday AND today....will take most of the trading day to sort that out. So, this week can be summed up as CHOPPY and unrevealing as yet......pic
