That's exactly what I said (it's the "kill zone", along with LON open, also {4 hours earlier}. But we all knew this was going to happen, and said it up front, in detail, many times.
Thursday US Thanksgiving (doubly opportune time for Wed night smackdown, combined with NY Open), Friday a shortened Tdng Day in NY.
You need to consult a Trading Calendar re relevant Exchanges / Markets Th and Fri.
But Commodities and Currencies trade everywhere, around the clock (tho NY {Open} most important for gold.)
Price and time. Knock it into your heads. Not MACD crossovers. Not trend lines. Not Stochastic oscillators. If only it were so easy...a surefire mechanical signal way to get rich. Sure.
"However all know that "Fundamentals have not changed" How many times have I read this. ROTFLMAO...again....truly tragic....
Sure, the gold is still in the ground, absolutely.
But is it economic to mine? Take a look - at random - TRY...even when gold at record high in July in AUD...still a 90% haircut ...and now? MASSIVE shareholder destruction.....and still people ramping it (and others) all year...and MML, PRU, SLR, RMS, TRY etc....fallen angels falling further....and of course the majors getting hammered too, but if not overly indebted, they will survive the carnage (unlike those above). DRM next in line..high cost producer....57% haircut since July. Did people take profits? Or were they fearful of missing the "top" (resident geniuses), and still holding, as profits vaporized.
Is there no concept of risk mitigation, booking profits, capital preservation? just dreams of instant riches?
Unbelievable (that people with eyes to see, don't see).
Do people have ANY clue as the massive overhead supply for gold price to get back to $1250, $1300, $1,375. Read The Myth of Sysiphus (if too lazy, just look at Wikipedia).
Not to mention ......$5,000 (Again, ROTFLMAO).
World is in "risk-on. Daily newspapers are saying that - and for once they're right. Why buy gold? What, exactly is the trigger? Global economic collapse? EU Bank meltdown? Sure, as stocks climb higher and higher (in US). A bubble ? I've lived thru many manias (in US) .
Maybe, but this most conservative of investments (the whole market, S&P 500, the ultimate in "diversification"), been a triple bagger since trough of 2009 (ASX gone nowhere).
But folks still think they know more than the market(s). They know better. And the trend IS your friend... (with or without trendline...a child can see if a line is going up or down).
How has clinging to this toxic belief (mainly on bizarre Gold Forum) helped retail punters? It's ok to be a retail punter....we all are , all of us. But you don't want to be a retail
mug punter - big difference...@binwood seems to be paying attention in a Post of his today.
I don't think ppl have a clue as to what the term even means. I know , for a fact, they don't, cos I've raised it dozens of times ....true of any fin. instrument...stocks, commodity, currency...whatever... that has traded this way. Look at a US GOLD chart....a Shiite load of impenetrable resistance, looking up, high liquidity, lots of stops to trigger selling when hit, and as for looking below...now that is tradeable (short).....low resistance to collapse ("aka "liquidity void")...there was never any resistance going up....no bears....
Much "easier" to fall, than to rise, especially given the huge flagpole from Feb 2016...made a Post on this last night on GOLD Forum after along absence. There will be bounces, nothing goes in straight line, let's see if it can reach the now new resistance of 1,198, or make yet another lower low, but this flagpole is an area of very low resistance (only bulls then in charge , taking whatever what price was offered...no bears, that flag runup...it'll respond like a knife thru hot butter....as stops get hit).
As always, anything can happen, but the picture being painted (global markets, all of them, in sync), and the Chart itself, all one can do is assess the balance of probabilities on the evidence, and make an assessment based on credible, hard, empirical evidence.
TRY - WEEKLY (not really off-topic, not cross-promoting......a "case study"...it's a dog...but have a look anyway.
Also feel free to use IGNORE feature of HC.
