A trader reduces his Gold Position

Posted by Dennis Gartman - The Gartman Letter

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GoldDG

GoldDG

There is strong and growing resistance to spot gold at the $940-845 level and we note that on the ten minute charts going back to the “top” made at $1005 back on the 23rd of February, each low has been progressively lower and so too each high.  It seems reasonably wise to us this morning to reduce our gold holdings once gain on this recent strength, taking our positions down from two units to one upon receipt of this commentary.

The “Gold Bugs” will take us to task and we can hear them now saying that “Gartman sells the lows and buys the highs once more.”  However, we’ve “handled” our position in gold rather well over the years, and we’ve handled this one quite well also. We wish to become just less exposed rather than aggressively so.

Comment from Dennis Gartman’s widely read around the world morning comment –

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