June 26 - Gold slumps again and heads for its worst month since October 2008. CMC Markets technical analyst Michael Hewson tells us whether there's any sign of a bottom.
Down another -- extensive testing three lead and uncool split from last month since 2008. So much for gold acting safe haven. Let's get out now to Michael Hewson market analyst at CNC market set. Thanks so much for joining us some -- clients telling you they mostly shoeless long. It's golden decline is Cornel for a lot of people out send it send me. Colts the majority of our clients outside in the week because there about 77. To send long. Of gulf. And I think when you actually look at the decline I think the key level for me. With a 15100 level which we broke a few weeks ago and that's when I started to send decided he decidedly bearish. On the amendment but nothing Bernanke's comments last week really sold the final nail in the coffin and obviously that downgrades that we -- On Tuesday from very its number of investment banks. So -- is not many heading I guess burying shores. Yeah the small money is now starting to -- an open Schultz. That it was initially. Mark clients and now fifty X and show 42% long. It's going to be a slight price that's mostly early this week we still see him on the CMA. Right thin margins have -- -- slyly and I think cam. We'd every peso could US economic thanks I think the so he's lucky ticket was and we could well be -- think. 115 state which is. 61 point eight fibonacci retracement level from the 2009 Eliza 692. The all time highs of the sort knowing -- Twain think. What happens often 1150 how -- can we get a. Well I mean until until I think the 2010 lives if we -- 1150. And that's by no means son who you know we could actually get -- deterioration in US economic except. But the 1000 dollar mark nice round number. OK so that's goal let's move on to Silva -- still has taken a bashing his while. It's you know what's CEO and hit the twenty dollar mosque where it could be day -- not. Well obviously we already below that now and this is similar sort of story to -- really. With the -- Problem is that it's Silva. Is also an industrial metal and the problems in China have exists that I have exacerbated. The felt that we've seen. And so with a gold silver ratio is around about 66 dollars and that's the highest level has been since 2010. And wallpaper of being called the wrong side of that. All clients. On looking around about 18% long but still even now off to the settle the we've seen so let's say anything that goes civil ratio could widen out even further. We could say. Roundabout seventeen dollars which is the -- 2010 -- on the silver. Priced right -- -- thanks very much for joining us -- Houston now from CMC markets. On the show all -- -- fresh signs of distress on the eurozone periphery to keep an eye on today and he shall -- Sunday costs only is doubling and an auction yeah. The treasury selling eight Beijing US and six month bills at an average yield of one point 05%. That's up from just zero point 54% at last month sales and the highest yields since February. It to cover also down but the real test comes tomorrow it and it c.'s use up to five billion euros of five and -- dance. And that's all from -- now they do generally -- every game at this time to take the pulse of the market and being alone it's it's what.