Gold – Large Buyer Prompts $50 Daily Gain
Early this morning NY time, someone came in and bought half a billion dollars worth of gold futures (notional volume) just above $1280. The precious metal jumped $5 in a matter of minutes, and continued to eat through the offers all day, with the impulsive price action moves landing just below the $1300 key level shortly after noon EST (chart below – source: zerohedge).
Clearly there were a lot of stops posted above the $1300 figure, because the precious metal jumped over $15 in almost 15 minutes, hitting an intra-day high of $1321. You can see this, along with the different levels marked where the offers were just taken out with …... Keep reading