COMEX:GC1! GOLD FUTURES
With the 1st target 20 year 38.2 Fib & 5 year 50% Fib hit (into the all important June options expiry) one gets the feeling this market is getting washed out. I have been leaning short since December and am just now starting to feel confident we are approaching (if not at) some serious support levels in the yellow metal. While certainly not a 'buy', being short at current levels represents more risk then being neutral. I am more than happy taking sub $1300 per ounce on any short covering trades and will re-approach short ideas on setups above $1700.