“Guess where we’re at now?!”
We got a quick $5 drop at the start of Europe trading, but since then it’s been
dead … what else is new. Going on 4+ hours since then, and I’d generally
think that if it can’t rally it has to break … and that kind of thinking has
gotten you nowhere the last 9 days … we’ll see what happens.
Now that New York has arrived for the early birds, gold takes another drop
lower in short order … this might turn into liquidation Friday, as 9 days in a
row going nowhere has to have frustrated longs to no end … going into a
weekend and with a Holiday on Monday, some are throwing in the proverbial
towel and saying, “enough already, get me out”! All I can say is, about frickin’
time! Maybe today sees us breaking this horrible dry spell that gold has been
in the entire month … let’s hope so.
And, in case anybody needs proof of my premise that the ChiComs are in
charge of the gold market, which I’ve affectionately dubbed the
“ChiCom Hustle”, I direct your attention to today’s article at ZH linked
directly below.
golden-game-poker-0
Quite frankly, it’s the only thing that makes sense of the absurd lack of moves
in gold lately … won’t rally, won’t break, and here’s the reason why … they’re
accumulating physical and keeping a lid on price by selling in New York with
trade Dollars they get from the U.S. … about $1 ½ billion Dollars a day
… “you can do a lot with that kind of muscle”!
Today sees a technical breakdown of price in gold [so far] … the daily charts,
particularly, don’t look very good with 9 days in a row of nothing and then a
big red candle down … it’s hard for me to think they won’t go for stops sub
1280 on the charts; whether they can get 1276 I don’t know, but as long as the
stock market stays up today, sell stops lower in gold are in play, and as long as
we are down here you got to be very careful about getting long into this, cuz
the damage can escalate quickly … especially on a Friday going into a 3 day
Holiday weekend. The big question for me is, “did the Chicoms plan it this
way? Has all there New York selling this year been for a day like this to get longs
to puke into their buying? … call me cynical, but they play the capitalist game
better than others that’s for sure, and what better way to play it than to suggest to
all the chartists that the top is in and it’s time to sell … only time will tell of
course, and so we’ll see won’t we”?
Since the NYSE opened, gold has seen less than $3 either way … and that’s
with a China tariff rumor … that alone ought to tell you something, cuz with
Europe closing the rumor mill failed to provide the necessary kick to the
SP500, and thus we find ourselves back in mud up to our ears from a price
perspective … “ahhh, good times … back to the same chopfest bullshit we’ve
come to know and love from gold, where I’m sure the pajama trader ChiComs at
trading HQ, are LOL at the idiots they’re taking advantage of and raking in
some bonus money … I wish I were making this shit up, but I know I’m not”.
As I’ve said before, “I’ll trade it when there is something to trade, and not
before … yes, this market is in drought conditions, and ranges and trading
action is simply horrible … today sees conditions slightly better, but not good
enough to trade … let’s hope the drought ends next week, cuz sitting here
sucks”.
We’ll see what Sunday night into Monday brings … I’m not optimistic, but
we’ll see … strange things happen on Holiday trading days. Update blog
Sunday night … I’m outta here … until Sunday mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
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