Gold & Silver Smash Following The Pattern I Discussed On SD Weekly Metals & Markets
TND Intraday Market Comment: Eric Dubin |
The mainstream media would have you believe the trashing of gold and silver was on account of Janet Yellen’s assurance last Friday that the Fed’s rate normalization will be a 2015 adventure. While it’s true her statements had a big impact on the Forex market, giving the dollar a boost, it’s not correct to attribute the gold and silver nosedive to just the rising dollar. The gold/dollar correlation only works part of the time.
No, the majority of this move was triggered by the cartel making use of the Yellen assurance and subsequent rising dollar. Today is options expiration at the COMEX and too many longs could have cashed in if gold was left over $1,200 and silver over $17. The ferocity of the early a.m. take-down before the London open is a classic cartel maneuver. Smashing the thinly traded overnight session painted the tape and sent the stage to run stop loss orders later in the day. In addition, the set-up had extra time given the US Memorial Day holiday. For the conventional read on the earlier set-up, click here for a May 25th Reuters report.
Over the last two weeks on Silver Doctors Weekly Metals & Markets I discussed the probability that we’d see an attack going into options expiration. On May 15th, many in the precious metals space were hopeful that a break-out was imminent — no dice. But I explained why the cartel wouldn’t likely be able to get gold under $1,175 and silver under $16.25. It will probably take 5 to 10 trading days to see the next uptrend, but prices should stabilize as early as Wednesday and certainly, by Friday.
Source: http://thenewsdoctors.com/gold-silver-smash-following-the-pattern-i-discussed-on-sd-weekly-metals-markets/
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