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Politics : Technical Analysis
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From: lamboguy1/8/2014 8:01:50 AM
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2 days ago, a big seller came into the gold market with his only intention to smack the market down fast and probably eat up stops. it was 4000 contracts or 12 tons of gold. while that is a big amount to most, there have been plenty of trades on the comex larger than this without the same effect. a good trader could have moved 4000 contracts in 10 minutes and maybe would have knocked down the price by a couple of dollars. this trade monday certainly got the desired effect. the real interesting part of monday was the orders that were in place underneath the market. there was someone waiting for gold $1211 to buy i doubt if that is all this guy has for orders underneath this market. for traders this is giving us a great indication as to where support is strong in the gold market at least in the short term until things might change. i don't know where the ceiling is for now, maybe `1245. it looks like a pretty good trade to me. buy @ $1212, sell @ $1242
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