What triggered today's sell off in Gold at about 10h45 EST?

Discussion in 'Commodity Futures' started by abattia, Nov 3, 2010.

  1. What triggered today's sell off in Gold at about 10h45 EST?
  2. 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.
  3. more sellers than buyers :D
  4. 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.
  5. Agreed. Look at the daily ATR of gold nothing unreasonable on FOMC day with history changing FED statements to be possibly made.
  6. 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 :)
  7. 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.
  8. 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.