For The Moms: Gold And Cotton
Matthew Bradbard | May 07, 2014 03:29PM ET
For now, bulls remain in the driver's seat but momentum appears to be turning. Export sales are rumored to be light this week so I think some longs are booking profits ahead of Thursday's number and also we have a USDA report on Friday. Open interest remains high -- the highest since Nov. 13 -- which leads me to believe that if and when we turn and if the longs puke, it COULD accentuate the move lower.
The fact that the recent South African supply side threats did not spill over and result in any upside spike should be disconcerting for the the gold bulls in my opinion. Violence in the Ukraine which should also be
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