Gold price was pulled up on low volume Friday after the NFP data.
A strong NFP data should have caused a steep decline in gold but I think nobody was prepeared for that at Smartmoney.
So what can the banks do in this case? Bullion banks are starting to pull up gold price in the low volume Friday afternoon session. In the gold bull market - and miners bull market - traders get used to buy the dip so they think the rally will last forever. But not this late in the daily cycle and so much stressed above the 200 EMA on the daily chart. Miners are due for a correction and I think we have seen the top in GDXJ and GDX yesterday.
The artificial gold rally on Friday gave the chance to miners to rally higher and banks could sell into this breakout.
I'M looking forward to see a GAP down open in the miners on Monday.
A strong NFP data should have caused a steep decline in gold but I think nobody was prepeared for that at Smartmoney.
So what can the banks do in this case? Bullion banks are starting to pull up gold price in the low volume Friday afternoon session. In the gold bull market - and miners bull market - traders get used to buy the dip so they think the rally will last forever. But not this late in the daily cycle and so much stressed above the 200 EMA on the daily chart. Miners are due for a correction and I think we have seen the top in GDXJ and GDX yesterday.
The artificial gold rally on Friday gave the chance to miners to rally higher and banks could sell into this breakout.
I'M looking forward to see a GAP down open in the miners on Monday.
Note
Second highest volume in DUST. Banks are positioning here in the last 3 days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.