The POG couldn't go higher and stay higher without the extreme long positions of the Speculators in the Futures Market being unwound. There was not enough new money sitting on the sidelines and willing to enter and push the POG higher and keep it there. What we are seeing is opportunistic/planned/lucky break liquidation of these 'longs'. That is good because it creates 'air space' in the market going forward and cashed up traders sitting on the sidelines pondering when to re-enter the market. If and when they jump back in then the upward trend in the POG will resume and the re-rating in higher price will be sustained.
If and when???
In the meantime any consolidation in the price range of $1230 to $1270 will be a good indicator for POG looking forward. Movement below to $1200 will scare the sheep and I'm sure that the bullion banks who are the market makers and holding most of the shorts on the opposite side of current trading positions in Futures would be delighted if they could achieve that break down.
It is a giant casino..... haha............
Cheers
Fundamentals haven't changed, page-221
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$14.24 |
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| No. | Vol. | Price($) |
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| $14.25 | 6782 | 2 |
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