SideNote: This is why the big battle being played out in the Gold Market today and tonight. Goldman worried about getting sacked with their short postions. They just beat Gold back to the $1,270.00 range this evening. Sure would be nice to see Goldman get squeezed out of their short positions. Obviously the resistance for Gold is at $1,205 - $1,291. GRIM

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Goldman Is About To Be Stopped Out Of Its Gold Short

Most critical is we are within $5 of Goldman Sachs "short gold" stop at $1291...

Goldman went short gold on 2/15 at around $1205...

We also maintain our bearish view on gold that has rallied along with the other commodities. Our short gold recommendation (which we opened with a 17% upside, in line with our $1000/toz 12-m forecast) is currently at a c.5% loss, with a stop loss at 7%.

This gold rally was driven by a lack of conviction in divergence in US growth as a weak US dollar has been highly correlated with a higher gold price.

We believe this realignment view of weak global growth is not supported by the US data, which will likely reinforce higher US yields, a stronger US dollar and the return of divergence, particularly should strong US consumer growth dissolve market fears regarding US growth. This in turn will likely put downward pressure on gold prices towards our near-term target of $1100/toz

Tonight we are getting very close to Goldman's stop-loss...

http://www.zerohedge.com/news/2016-03-10/goldman-about-be-stopped-out-its-gold-short