"The CME Final for Friday reports that volume was indeed 174,502 lots, 9.34% above estimate, open interest rose 983 lots – 3.06 tonnes or 0.2% - to 493,137 contracts.
This suggests that the heavy selling which sent gold plunging $26.40 in the aftermath of the employment report was a short selling raid, which was only partially successful in spooking out longs." John Brimelow
We *could* get a pullback or a consolidation here abouts, but I am not betting on it.
For a variety of reasons I went to low leverage and beta today, and am hiding in long term investments until I can get a better idea of which way the wind is blowing.
When you get this kind of cynical action in the financial markets on such light participation, you get the sense that you are in a warehouse full of leaking gasoline cans, and that the watchmen are about to light up.
