Gold is on a bear tear!

It's dropped 500 tics since last Monday? Yowzers! That $5K of a drop per contract, in 5-6 trading days!

Yum.

 

A drop in the bucket compared to what it did post-election.

 

not looking good for this yellow commodity (http://www.funds-money.com/gold-slips-five-week-low/)
they said if the nfp data does come in better than market expectations, it will drag gold prices further,

 

I wonder if the money is leaving gold because of the potential rise in interest rates, or because it is moving into bitcoin; which has taken off this week

 

I would say that today was a good come back.

 

1. 
   Bullion Baron
   ‏@BullionBaron Mar 26
   
   
   Shwing. #Gold
   
   

 

As of now, gold up 1.8% just for today.
However I have this niggly feeling the spike up today is not going to continue, it's a dummy move.
My guess is gold futures will continue to run up after hours and then to only get dumped again tomorrow.
Anyhow, just a suspicion, I'm going to sit out this move in the meantime.
If wrong there's plenty of opportunity to get in still in a day or two or three.

 

1. Raoul Pal‏@RaoulGMI 6h6 hours ago
   
   
   
   #GOLD I think its time for action. Gold should break the trend line in next few days but needs to clear the previous recent highs to confirm
   
   

 

Gold still looking a bit iffy.
Not 100% convinced we have bottomed this PB, but not looking too bearish.
For those looking to enter now, I would remain very cautious, my sugestion is stay sidelined atm.

 

I am closing my long position. Gold is not looking good. I entered @ 1262 so I'm making a small loss I'm not going short yet though. Will wait to see which way the wind blows....