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Market Pulse: Are gold bugs nervous yet? They should be...

Thursday, May 16, 2013 - 03:58

May 16 - Gold is down for the 6th straight day, its longest losing streak in over 4 years. And the selling ain’t over yet. Michael Hewson at CMC Markets says $1,150/oz is on the cards.

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It's. Gold dissect put his longest losing streak in over four years -- to tell us why and where it's going. As Michael Hewson senior market analyst at CMC markets. I'm Michael well going down again today I'm done I believe after the show for you once you're going to be talking in -- slice of humble pie. Yes indeed Jamie but I think I have the humble but humble pie. A few days ago. But you know I Europe's that he brought back I think cover co signing at the time and see it that if we broke below 1520. Which we have. I would have to revise my opinion it's out on revising it OK so wait is cool headed now that. The -- level for me is the thirteen hundred area why. I'm simply because it's a 50% retracement of the entire probably from the 690 T -- allies that we soul. Paying 2000 night to the all time highs that for me Israeli -- eleven if we break below that then I think we'll probably gonna go to 1150. Some way off of sediments have golds on finesse longest losing streak and before he has done for six days and six days doesn't sign the law but. The biggest losing streak and then four years the -- -- not all the sold in the short time. He accidentally means exactly now I mean you know -- -- like this it's 1520 area. Then really the outlook remains -- -- sell the rally outlook. Our clients is still trying to buy the ticket which I think is probably a mistake. But I think when you sold in some minds -- I'm not win not are out to guide them in that respect we could solve articulate that it might not such big good idea. We can't actually recommend that they -- the other life but you know having said that you know the outlook for gold -- about the -- type pretty asset purchases. The offending other levels of inflation there are other assets out there that can give you better return and I think that's why we're seeing the settle things go that we've been saying. I don't really get -- and I'm I'm I'm I'm Betty Betty how much of technical analyst as far as I can see. But on any positive. Signals and stuff like that autumn I'm just not seeing them. -- not there all of -- -- -- -- deciding once we broke that 1520 area a set all or revise my outlook for gold we have and I had. And one to thirteen hundred level is really the key level that I'm so pinpointing. We feel we should get a bounce -- that. But if we -- but I that they have been looking at 1150. Which is a 61 point 5% retracement of the -- leave the island area. But a month and they think exactly from the epic -- historic collapse it was April the fifteenth. Last month of course. The biggest fall in fifty years and the last time it -- not much that's years ago. Guess how long it took the gold said the cover but says he faces antitrust laws. Will you give me a history lesson on and it's funny is that he is twenty years almost yes yes I mean out of it the same sort of tension against. I think it's hard to site simply because of the very. -- assassin. Economic outlook interest rates will eventually have to go off at some point unless the whole of Europe. And the US is destined to repeat the funk that we've seen in Japan for the last 28. If that if that happens then I think we could both say. -- thoughtful bit of life and go on -- Okay Michael thanks very much and a bona Petit. That's all Hamas and -- -- -- nonsense every day appetite to take the pulse of the market and don't miss our newsmaker was president of Liberia Ellen silly. Africa's first female head of state that's tomorrow at 2:30 eastern seven -- to London time. I'm -- we gave up the central to.

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Market Pulse: Are gold bugs nervous yet? They should be...

Thursday, May 16, 2013 - 03:58