| Gold market participants are turning increasingly bearish, with a raft of recent analyst notes adding to the negative outlook for the precious metal. "Gold suffered a sharp lurch downwards September 2 after the US ISM manufacturing reading came out at the highest since 2005, a catalyst that triggered stops all the way down to $1,263/oz, the 61.8% Fibonacci retracement of the June-July uptrend," Mitsubishi analyst Jon Butler said.
Gold fixed Monday morning in London at $1,267.25/ounce. A week ago, gold fixed at $1,287.25/oz. Looking at speculative bets on gold, UBS strategist Edel Tully said in a note the September 5 Commitment of Traders Report showed "gold net specs were washed out further in the week to September 2...............................................Full Article: Source
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