The news went into a full out "gold destruction" parade today.
Financial Times, quote: "Gold tumbles as US rate rise approaches"
Today's drop has nothing to do with "approaching rates rise". This is a textbook fake breakout caused by stop-loss selling after someone made a major sell order on Asian market (intentions irrelevant).
There is only one 1 minute candle that caused this drop. The rest of the price action was strictly bullish and more than 3/4 of the drop are already recovered. Seems like not many are willing to sell gold no matter how much you shock the market. This was a test, and gold passed it.
Still Long.
Financial Times, quote: "Gold tumbles as US rate rise approaches"
Today's drop has nothing to do with "approaching rates rise". This is a textbook fake breakout caused by stop-loss selling after someone made a major sell order on Asian market (intentions irrelevant).
There is only one 1 minute candle that caused this drop. The rest of the price action was strictly bullish and more than 3/4 of the drop are already recovered. Seems like not many are willing to sell gold no matter how much you shock the market. This was a test, and gold passed it.
Still Long.