Looks like more sellers than buyers to me, lolKey for Gold is the "close" back above $1272........lots of overhead resistance @ $1272....85...91...97 and $1315, whats interesting is golds low this am is not a key chart point......jj
Yea looks like profit taking, people bought on news in Iraq, pushed the price up and sold. Is that manipulation?
Normal profit taking isn't manipulation. And gold was probably due for a little profit taking as it moved into the 1280 resistance zone. But dumping 21 times normal volume in the thin premarket isn't normal profit taking. It is blatant manipulation. That being said, as I've been saying for most of the year now, the character of the manipulation has changed. It no longer has the same effect it did in 2013. It now looks like there is a large buyer, or buyers, that wait in the wings for one of these manipulation events to occur and then they jump in and run gold back up. In effect kicking the manipulators in the teeth and costing them a lot of money. This may turn out to be the case today if gold can close at or near the highs. It won't take many more of these failed manipulations before it stops altogether.
Agree Gary, if the attacks can't produce follow thru negative trends then they are really only pushing on a string!Gold really needs to make Higher highs from its previous roll over points on the chart....a bull market MUST have higher highs taking place vs lower highs which has been the case since Nov 2012, taking out $1392 would be a first since the 2011 highs, otherwise gold continues its trend channel trading making lower highs and testing previous lows.............jj
Here is good question : Why is it called manipulation when gold goes down and not when it goes up - like today June 19th ? Anybody ?bogi
recent GLD data from Norcinihttp://www.traderdannorcini.blogspot.ca/2014/06/gld-loses-42-tons-of-gold.html
FOMC details will either have the pm's sector ripping higher taking out the thick overhead resistance OR it will rollover and re-test key support areas = $1258 GoldOnce again the whole pm's sector is at key levels just when FOMC again comes into play, really!Should make for a great knee-jerk reaction Wed.....wed close very important...............jj
Very nice Gary gold closing above $1270.50 Hui touched its 50dma and closed higher. Silver is looking really interesting as it too touched its 50dma at $19.42 and held.....on the Weekly Silver chart for the FIRST! time "could be" breaking out above the resistance trend line off the April 2011 highs...IF silver can close out the week above $19.75 that would be the first close outside resistance holding back silver for 37 months.FOMC could change the direction of the pm's markets....last two weeks of June not been bullish these last two years.Good Luck!..........jj
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