Gold

[Daytr]

JH, all I would say is that you want something that it is pretty up to date i.e. written in the last year or two. The market is changing constantly & big changes at that, such as the advent of ETFs, China's appetite, the change in TOCOM & restrictions in India to name a few. It certainly isn't a simple S&D equation when it comes to gold, there is more sentiment attached to gold than most commodities & then there is its monetary / reserve status of gold to consider. Gold didn't make sense to me for a long time & I traded it professionally for 15 years then I came to the realization its not necessarily logical & that's when I became fascinated with gold & the behavior it creates in people.

Can anyone recommend some good books on gold? I want to get a much better understanding into what drives the price.

[Daytr]

Seems to evidence of good Asian buying. Gold has popped both today & last week on the Asian open.

[Daytr]

I see it as $1260 being the level Moosie.

[Daytr]

There was a massive sell order put through last night that created a flash crash. 11k contracts pushed through saw the market drop $30 in minutes only to bounce back equally as quickly. According to CME it wasn't a mistake or fat finger trade.
If this wasn't a mistake & it was a hedge fund trying to force the market lower they will obviously be very disappointed & they have used a lot of ammunition for no gain. Perhaps they prevented the market going higher, however the risk is now they may have to cover at a loss. Again, if it wasn't a mistake, it suggests that someone else or multiple positions used the opportunity to close out shorts. Either way the bounce back appears very bullish as for the market to respond like it did with such a volume of selling is quite remarkable.

[Skol]

There was a massive sell order put through last night that created a flash crash. 11k contracts pushed through saw the market drop $30 in minutes only to bounce back equally as quickly. According to CME it wasn't a mistake or fat finger trade.
If this wasn't a mistake & it was a hedge fund trying to force the market lower they will obviously be very disappointed & they have used a lot of ammunition for no gain. Perhaps they prevented the market going higher, however the risk is now they may have to cover at a loss. Again, if it wasn't a mistake, it suggests that someone else or multiple positions used the opportunity to close out shorts. Either way the bounce back appears very bullish as for the market to respond like it did with such a volume of selling is quite remarkable.

Conspiracy theory.

It's a big punter taking the opportunity in this rally to rid himself of gold, not entirely surprising at all.

[Daytr]

Well I suppose POG was pretty close to resistance & in 2013 this sort of strategy worked & you would have probably seen gold down $50 & then follow through from there. However with gold $60 above a major support line in $1180 & quite a few miners struggling to make money at these levels I think its hard to get bang for your buck, unlike when it was above $1650 etc & the market was still long & miners had plenty of margin above costs. To me this is big, as gold didn't falter. Perhaps what worked in 2013 isn't going to work in 2014.

Terrible strategy trying to force the market lower when all indicators are pointing up! Trader obviously not a chartist or ever heard the term "the trend is your friend".

[Skol]

Well I suppose POG was pretty close to resistance & in 2013 this sort of strategy worked & you would have probably seen gold down $50 & then follow through from there. However with gold $60 above a major support line in $1180 & quite a few miners struggling to make money at these levels I think its hard to get bang for your buck, unlike when it was above $1650 etc & the market was still long & miners had plenty of margin above costs. To me this is big, as gold didn't falter. Perhaps what worked in 2013 isn't going to work in 2014.

Here's what one trader said, it was mistake, but goldbugs love to make a mountain out of a molehill.
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That's possible, but it would be a huge risk, unless you're talking about someone playing with huge funds—perhaps a bank." Ilczyszyn commented. "There will always be conspiracy theories. But for me, mistakes happen, and that's just the way it goes."

[peat]

Gold 1min 07012014.JPG

... and pictorially, even on the one minute candle it was mostly wick. volume , while large at that moment is not unusual.

silver also had a momentary spaz, but not as much as gold.

[JBmurc]

Fact is 2014 is shaping up to be yet another record in bullion sales esp. from the East buying... some 1000 ton more gold than they did only a few years ago....and if we believe the media PM are meant to be heading further south because "It's All GOOD"

[Skol]

Fact is 2014 is shaping up to be yet another record in bullion sales esp. from the East buying... some 1000 ton more gold than they did only a few years ago....and if we believe the media PM are meant to be heading further south because "It's All GOOD"

You've got that one wrong, chinese buying fell 42% from October to November.

http://www.scmp.com/business/commodi...orts-drop-42pc