Please see attached the Goldman Sachs recommendation change this morning on Gold:
"We closed our short trading recommendation on gold. We have closed our recommendation to short COMEX Gold, as prices moved above the stop at $1,400/toz.
We have exited the trade significantly below our original target of $1,450/toz, for a potential gain of 10.4%.
The move since initiation was surprisingly rapid, likely exacerbated by the break of well-flagged technical support levels.
Our bias is to expect further declines in gold prices on the combination of continued ETF outflows as conviction in holding gold continues to wane as well as our economists' forecast for a re-acceleration in US growth later this year."
See the full Commodities Note attached.
Finally along with the strong Asian physical demand, this represents some positive news here for an over-sold sector.
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