The Gartman Letter: Friday Gold Update
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 provides information from today’s The Gartman Letter.
We note simply that gold has been moving higher in terms of all currencies in recent days and weeks but it has gotten a bit over-bought in the shortest of terms. We consider the softness in gold in the past 48 hours or so to be nothing more than a consolidation… a resting point… a gathering of gold’s forces before it moves higher again. We remain, as we have for months and months remained, bullish of gold in Yen denominated terms and we are now, as we have for several weeks been, bullish too of gold in EUR denominated terms. The market is telling us that we are right and it is telling us to do nothing more other than to sit tight at the moment.
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