Discussion in 'Metal Futures' started by abattia, Nov 3, 2010.
What triggered today's sell off in Gold at about 10h45 EST?
All precious metals have been up in expectation QE2; those who made profit want to avoid the uncertainty of the QE2 news of 2:15pm.
more sellers than buyers
Thanks, I always get that confused. Really helpful.
It's like "Buy Low, Sell High" ... or is it the other way around? I can never remember... Thanks anyway.
Agreed. Look at the daily ATR of gold nothing unreasonable on FOMC day with history changing FED statements to be possibly made.
I don't trade in gold at all but maybe it's because the USD ISM Non-Manufacturing Composite was better than expected, and the USD Factory Orders were better than expected, which made the dollar rally, which caused gold to drop in value. Just a guess...
If true though, be careful of FOMC coming up in a couple hours
If you look at the way 90% of the ETers trade, its the other way around. The other 10% are buy low, get stop-lossed lower.
Could be just a stop run. Bullish sentiment, break above recent consolidation a few days ago draws in longs, a super narrow range/inside day yesterday... Left lots of sell stops below the 2 day low.
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