Was anyone watching the short squeeze on spot gold last night? First it fell from 1240 to 1230, and the situation was looking bleak. Then when NY opened, it shot up like a rocket as shorters covered their ass. When I looked at the price when I woke up I was shocked, almost $8 above the close. So from about 1228 to 1255 in about 10 hours. Bit like the October bear trap.
Looks like 1230 is for the moment the floor. This despite the bears from Goldman. (You can bet that when Goldman are bears in public, they are bulls in private.)
Hopefully it will hold above 1250.
gold hammered, page-64
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