I don't know. Something is not right here. Gold SHOULD have been down big today. Instead it goes up for very little reason.
If the market starts to recover, gold should go down, but it's actually poised to go up. Not logical, and becoming dangerous. This is just gambling now.
But one thing for sure, what happens overnight does not set a direction for the day. Up or down in Asia? it doesn't matter, Wall Street marches to its own beat.
For these guys, gold is supposed to go up everyday.
For no reason.
Dropping oil actually means that the speculators are exiting. It was QE that drove speculators to pump up oil and other assets including gold. As they leave, they will also take their money out of gold, which was no different than any other inflated commodity.
Let's get real here. Calling a bottom right now for gold is a fool's tactic. There's a lot of pundits making bottom calls and they don't have a clue.
When the knife falls like this, the bottom will be called AFTER THE FACT! It will take about 5 days, but only after that will anyone be able to say, "yep, Monday was the bottom alright."
We broke through 1200 support, the next test is 1180 and it looks like that is nothing but tissue paper at the moment. There may be support at some kind at 1150, but if that fails,1050 is next and who knows from there.
Actually it was always rising into the weekend a month and a half ago.
How things(outlook) have changed