Were I conspiracy minded I’d be looking at this chart and wanting to punch someone (or some black box robot) in the face. Oh wait, I am conspiracy minded; the market is little more than a collection of conspiracies large and small, perpetrated in groups and individually. It’s how we handle that information that matters.
This conspiracy appears to be large. Listen, did you hear much of anything coming out of Powell’s orifice that should have caused this? Look at those volume bombs that took GLD down as he opened his mouth and then again at the close. Screw you HFT, PPT, evil gold bear cabal, momos, machines… everyone but mom & pop, who don’t have that kind of ammo.
I got rid of some of my gold short into this end of day decline, so that was okay. But the metal has lower to go says a daily chart. I think 1254 at least, if the daily technicals are to be believed (and why shouldn’t they be?).
What I don’t appreciate is the idiotic ramp up and then ramp right back down again pushing daily GLD (not shown in this post) out of a bear flag. It just feels so manufactured and as the guy often poking them in the eye as they rant, I have to side with the theorists today. It’s just an obnoxious chart when you consider the timing of that volume.
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