From today's Gartman letter...... (7-7)

"Regarding gold, the bulls are in a precarious position this morning, for gold is under modest pressure and it must hold where it is presently or very real and very material technical damage will soon unfold. The seller, whoever it is or has been, between $970-$1000 has succeeded rather clearly in turning gold back in recent weeks, and we note that this is the third time in a year that seller has succeeded in thwarting the gold bulls.

Now, with the trend line that can be extended on the daily charts back to the lows made in October of last year at $680 and which extends on through the lows in the early spring of this year at $860 under duress, a break through $915 would be devastating. We’ve no position in gold at the moment, nor would we wish to have one… but if we did it would be as a seller, not a buyer. For the gold market bulls we wish only to remind them what Sgt. Esterhaus said to his men each morning before he sent them into the streets of Chicago in TV’s Hill Street Blues: “Be careful out there”! Or as Lewis Grizzard once said, “Stay low, ‘cuz they’s shootin’ from Shetland ponies these days."