Trader Dan
With all of the base metals breaking down, with silver breaking down, with platinum and palladium breaking down, I suppose it was just a matter of time before gold finally gave up the ghost and followed them lower.
[...] Major support at the $1130 level, a level from which gold bounced higher back in October of last year and which had not been tested subsequently, was tested this evening and found to be wanting.
The break of this major support caused a huge surge in volume as waves of downside sell stops were taken out and triggered causing an avalanche of panicked selling by longs and some new and aggressive shorting by large specs.
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