The Hunt for the Next 10 Bagger

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Gold turns south as safe-haven demand ebbs
Bank of America Merrill Lynch says worst may be over for precious meta
SAN FRANCISCO (MarketWatch) — Gold prices declined on Tuesday amid what’s shaping up to be a decent earnings season, dampening safe-haven demand that had emerged on the back of developments in Ukraine and the Gaza Strip.

Gold for August GCQ4 -0.57% delivery shed $7.60 to settle at $1,306.30 an ounce. September silver SIU4 -0.06% closed flat at $21 an ounce.

In a sign that investors have turned more upbeat, the S&P 500 set a fresh intraday record and is within striking distance of its record close set earlier this month, led by stellar results from Chipotle Mexican Grill Inc. CMG +11.73%

That’s quite different from a day earlier, when gold, platinum and silver all caught another lift from fears stoked by the simmering tensions abroad.

From a technical perspective, Kitco’s Kira Brecht is mostly bullish on gold.

“The near-term outlook is sideways to higher as long as support at $1,294 holds firm,” she said. “If a strong rally were seen above the ‘neckline’ trendline in the days or weeks ahead, more substantial gold market gains could be targeted into the late summer or early fall months.”

Brecht was referring to a potential “inverted head and shoulders bottom formation” she can see forming on the daily chart. The pattern is used to predict the reversal of a current downtrend. (see insert chart) http://www.marketwatch.com/story/gold-turns-south-as-earnings-data-mount-2014-07-22