anyone going long?“The dollar’s recent stability, coupled with...

anyone going long?

“The dollar’s recent stability, coupled with an impressive crude-oil decline in the past several days, has gold bulls on the defensive,” said Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego. “I have a very specific trade recommendation to short the gold market on today’s break of $915 support.”

Gold futures for August delivery fell $19.80, or 2.1 percent, to $909.30 an ounce on the New York Mercantile Exchange’s Comex division. Earlier, the metal touched $904.80, the lowest for a most-active contract since May 6.

“I am recommending aggressive bear traders short gold at $912 with an $8 stop-loss at $920,” Preston said, describing a position that will produce a gain if gold falls. The trade has “a price objective of $870, risk $8, for a potential profit of $42.”

bloomberg.com