Gold bullion holdings in the giant SPDR Gold Trust – the world's largest ETF vehicle by value at its market peaks of 2011 and 2012 – yesterday shed another two tonnes, retreating to 780.
That's the lowest level since New Year 2009, when gold prices traded from $800 to $900 per ounce.
"The gold price range/consolidation of the past month is drawing to a conclusion," reckons technical chart analysis from Bank of America Merrill Lynch.
"Downside targets are seen to $1215," the bank's chart analysts say, recommending clients sell short.
BoAML also recommends a short position in the Euro vs. the Dollar, advising that last week's top near $1.40 marks "the start of a medium-, potentially, long-term turn in trend."
Sentiment: Strong Sell
Been short since $1340!
DUST is the place
1250 next stop
Analysts Target 2013's Double-Bottom at $1180
mini pump is over
Analysts Target 2013's Double-Bottom at $1180...