Both sold off this afternoon after a solid morning move
higher. I'm baffled - don't see anything technical (not
oversold on RSI, doesn't appear to have run into a downtrend or
overhead resistance) and the fundamentals improved slightly today
(gold still up nearly $10.00).
Can anyone explain the sell off this afternoon? It's days
like this that reinforce the notion of manipulation. Or am I
missing something?
PS: Please don't imply the gold trade is getting crowded; that's
utter nonsense. My guess is that no more than 1 in 500
traders/investors have any position whatsoever.
GDX had a divergent high intraday and filled that open gap from
early Oct - reversed down and has now filled Tuesday's gap. Also
note the declining 50 day MA which hadn't been tested in
awhile..you normally get a pull on the first test. The FOMC served
as the catalyst for selling with Dec rate hike still on table. It
was all on the charts for a pullback.
Why does there need to be an obvious reason? Gold was flat on
Monday and GDX traded higher -- was that manipulation? The whole
narrative is just so far off base.
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GDX and GDXJ and all the precious metal equities
Posted by RichieD on 2nd of Nov 2016 at 03:41 pm
Both sold off this afternoon after a solid morning move higher. I'm baffled - don't see anything technical (not oversold on RSI, doesn't appear to have run into a downtrend or overhead resistance) and the fundamentals improved slightly today (gold still up nearly $10.00).
Can anyone explain the sell off this afternoon? It's days like this that reinforce the notion of manipulation. Or am I missing something?
PS: Please don't imply the gold trade is getting crowded; that's utter nonsense. My guess is that no more than 1 in 500 traders/investors have any position whatsoever.
Many of the individual stocks
Posted by wowten on 2nd of Nov 2016 at 03:47 pm
Many of the individual stocks are at or near the 50 ma
GDX had a divergent high
Posted by steve on 2nd of Nov 2016 at 03:43 pm
GDX had a divergent high intraday and filled that open gap from early Oct - reversed down and has now filled Tuesday's gap. Also note the declining 50 day MA which hadn't been tested in awhile..you normally get a pull on the first test. The FOMC served as the catalyst for selling with Dec rate hike still on table. It was all on the charts for a pullback.
Why does there need to
Posted by mphailey on 2nd of Nov 2016 at 03:43 pm
Why does there need to be an obvious reason? Gold was flat on Monday and GDX traded higher -- was that manipulation? The whole narrative is just so far off base.