Manipulation Prevents Gold From Reaching 1033
Gary Savage | Jul 30, 2015 08:54AM ET
The natural path for gold would have been to bounce off support at 1131 and then have another daily cycle down to 1033. By trying to rush the move, the manipulation last Monday may have prevented gold from getting to 1033 during this intermediate cycle.
It spiked sentiment too bearish, too quickly. Everyone panicked and sold last week so there may not be enough sellers now to complete the move to 1033.
I wonder if this could push the 8-year cycle low out to next spring instead of this winter?
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