Gold bugs dropping like flies! But for how much longer?

Market Pulse for April 15

Last week June Gold opened at $1,580.80 and by Thursday closed down $15.90 to $1,564.90. Bears since then took the wheel and drove gold price of a cliff. Friday we saw gold drop $63.50 and today, Monday, April 15 gold as of 11:00AM CT has dropped $120.60 hitting a low so far today at $1,355.30, like I said driving gold off a cliff. Goldman Sachs came out dropping their forecast for gold prices and pushing their message to sell. We have not seen gold prices where they are today since March-April 2011.

As far as where price will settle down, that may be at $1,300. If we see price action below $1,300, that would put $1,200 in play. For commodities this week looks to be starting out as a cleansing week for bulls. Any bets out there as to when gold hits $2,000 an ounce? And just how much gold does Cyprus want to dump?

 

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