A 5 minute chart below from Fridays opening paints the ongoing picture of keeping gold below $1800
A 30 minute chart below clearly indicates a heavily orchestrated smash that began at 9pm AEST and ending at the broader market open at 12.30am
A daily chart of the GDX below clearly indicates that the projected late September rally has ended and a correction has begun.
A 1 minute of the GDX shows all the damage was done during the first 10 minutes of trading indicating the Monday morning open will probably be a bit rough.
The miners also have a problem with rising costs and along with an elevated $AUD so we might be in for a rough week.
The COT report indicating that a further 25,000 shorts were added by the commercials which is no big surprise considering gold rose over the reporting period. The short position remains hugely lopsided by the look of it.
Looking at the mechanics of the game and we might well see a difficult week coming up with NFP on Friday. And if we see the usual nonsense from the NFP report the weakness may well persist into early in the next week.
We are moving deeper into the end game so more volatility should be expected.
We shall see.
