Gold – Suffers Greatest Losing Day in 30 Years
The selling today in Gold continued without mercy to bulls, losing over $145 since market open. The bloodbath started on Friday when someone sold 400 tonnes (over 15% of annual production), which comes out to approximately $20B (yes, Billion) in value. This tripped the stops below the critical multi-year support level at $1500, and hasn’t looked back since then.
Yesterday in my weekly market commentary, I talked about taking any pullbacks towards $1496 as an opportunity to sell. Where did price go to? $1495.75, then broke below the mentioned $1479 support, offering a breakout pullback setup. From here, it proceeded to get bloodied every which way but loose, going …... Keep reading