Global Macro Monitor

Gold is down about $16 today and is below some key support.   The set-up is bearish and a little follow through here could lead to another 5-10 percent of downside.

Gold should have rocked on QE3 and hasn’t.   In fact, contrary to expectations on the Fed’s monetary stimulus., the whole commodity complex has been a dog.

We’re short gold and have been burned many times as it can rip on nut cracking covering.    Always with a stop.

(click here if chart is not observable)