Gold Rallies $120 off the Lows as Greed Turns to Fear
PM Posts | R.I.P. Sellers
Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.
Contents
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat
Market Recap as warranted
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat:
Market Recap:
Good afternoon. Gold had a phenomenal day. It was surprising to stay the least. What started out as a continuation of yesterday's waterfall morphed into probably the most positive day behaviorally we've seen in a long time.
The market was down approximately $50 at two in the morning eastern time. And then proceeded to rally all through the night and all during the day to finish up $62. All told, the range was an astounding a $120. It really is a turn-around to behold.
Context and Price Action:
We had said that the ledge of Chinese buying had to hold. It did hold a week.Yesterday it broke. We mentioned that it did not bother us (too much) and we expected the market to go to the 50 day moving average before even attempting to go back up. It did just that… but in one night touching $3121 before taking a U-turn then it proceeded to turn around and rally all the way back to onto the ledge above $3238. Whatever happens tomorrow this day is significant.