The Gartman Letter: Where Can Gold Move Higher?
Dennis Gartman has been directly involved in the capital markets since 1974 and has been publishing his daily commentary, The Gartman Letter, since 1987. The following is an excerpt from today’s The Gartman Letter.
Perhaps there is some sense of dismay that gold/US$ was not able to press upward through $1355, but there is also some sense of quite optimism that gold/Yen has traded upward through the psychologically important ¥130,000/oz. level in the past twenty four hours and remains very near to that level as we write. However, just as there is a very real, and apparently very powerful seller of gold at $1355, there is another very powerful seller of gold at ¥130,500/oz. and that seller hall have to be sated fully before gold can sustain a move higher.
Further, there is also a strong seller of gold at €910-912. Whoever that seller was, it was prominent back on Jan. 5th-6th and was prominent again on the 13th and 14th.
The above communication is a publication of The Gartman Letter and is not intended to provide personalized recommendations to buy, hold or sell investments. The Gartman Letter’s information, statements, views, and opinions are based on internal and external sources considered by The Gartman Letter to be reliable, but The Gartman Letter makes no express or implied representation or warranty to those sources’ accuracy, completeness, or correctness. Such information, statements, views and opinions are expressed as of the date of publication, are subject to change without further notice, and do not constitute a solicitation for the purchase or sale of any investment referenced in the publication. Investors should verify all claims and conduct their own research before investing based on the above communication provided by The Gartman Letter.