Gold Bull Trap
Don't be fooled people. Today was simply another bull trap in the metals, gold is now bear flagging. The volume in the futures was huge, big effort and not much reward. With such large volume gold should have gone much higher. It means that the shorts have been selling into strength.
Non Farm Payrolls and Jobless claims data will bring lots of volatility. I believe gold will break down below 1214 by Friday or early next week. Also, there was large selling on strength in gold and the miners today. This also reaffirms that most of today's volume was large supply coming into the market.
Today was just another bulltrap. Gold is BEARISH and lower prices are still coming.
@traderyen
Yes lower please. I'm still in buy mode w long-term outlook. Thx for the post
no problem. i think once 1214 breaks we can get 1200-1205 before a decent bounce
One wonders what will happen if the jobs report is negative as widely expected. We will see, but I guess weakness in the market makes it much easier for manipulators to trigger panic selling.
Nothing so far today maybe tomorrows nonfarm will be the catalyst?