Trader Dan Norcini
Volume
in both the gold futures market and the Gold ETF has seen a massive
spike today as the downside breach of major chart support at $1525 has
resulted in wave after wave of both long liquidation and fresh hedge
fund selling.The headlines are screaming today” Gold Enters Bear Market” with the move down through support sending the price off 20% from its peak.
It is interesting reading the various reports from the wire services as no one is quite sure what the catalyst for the sell off is other than the idea that inflation pressures are non-existent. Some keep pointing to continued outflows from the ETF with gold being sold off but the question is, who has been buying that metal?
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