Gold Slammed To Fresh 10-Week Lows Below Key Technical Level

Tyler Durden's picture


What else should you do as Russian and Ukraine forces begin a serious un-de-escalation... sell precious metals with both hands and feet of course. The strength in stocks (whether channel-stuffed or not) is enough to make investors believe that we don't need no stinking Fed and that economy must be doing great all on its own. Gold is back below $1275, which SocGen warns could lead to $1233.



A close below 1275 will mean the extension of the correction to 1263/60 and possibly even 1233.

Gold has been evolving within a massive flat range since last June between 1400/33 and 1187/80.

Gold is breaking below the graphic support level of 1275, which has been acting as a median support in the main range. With daily RSI also breaking below a one-year support line a definite break below 1275 will extend the correction towards 1263/60, the 61.8% retracement of the last up move and 1233 (76.4% retracement).


Source: SocGen

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 04/24/2014 - 08:15 | 4689896 JustObserving
JustObserving's picture

The HFT computers of the FED are in overdrive in a preemptive strike on gold and silver as war fever heats up in Ukraine.

Thu, 04/24/2014 - 08:16 | 4689901 hungarianboy
Thu, 04/24/2014 - 08:21 | 4689914 Haus-Targaryen
Haus-Targaryen's picture

Stock up boys, buy real-estate in Switzerland, Silver -- real estate in Switzerland is probably a great way to hedge your bets, actually. 

Thu, 04/24/2014 - 08:29 | 4689942 Gringo Viejo
Gringo Viejo's picture

No worries. I'm buyin' all the way much as I can....whenever I can. Far as I'm concerned, there's nowhere else to go.

Thu, 04/24/2014 - 08:39 | 4689975 Thomas
Thomas's picture

Those hogfuckers. I mean complete fucking hogfuckers. Damn. They are incorrigible. (Nice use of hogfuckers and incorrigible in the same rant, eh?)

Thu, 04/24/2014 - 08:41 | 4689982 Thomas
Thomas's picture

And BTW: "Gold is back below $1275, which SocGen warns could lead to $1233." They actually pay guys a lot of money to say stupid shit like that.

Thu, 04/24/2014 - 09:25 | 4690202 Arius
Arius's picture

uhmmmm ... so scared ... hit me Doctor Evil ... hit me ... please?

Thu, 04/24/2014 - 10:23 | 4690482 AllThatGlitters
AllThatGlitters's picture

Look how aggressively the "slam" was bought:

Live Chart:

Now that they got the headlines, and all the technicians wetting their pants with concerns about "key technical levels broken," they can sneakily begin covering shorts, while the silly wannabe traders and amateur shorts sell to them.

Thu, 04/24/2014 - 09:34 | 4690247 BigJim
BigJim's picture

C'mon Putin! Say something about Russia thinking about dropping the dollar and requesting gold as payment! Go on! Just a hint would do it!

Thu, 04/24/2014 - 09:34 | 4690249 RaceToTheBottom
RaceToTheBottom's picture

Actually, they got the memo where the FEDites will push Gold.

We don't get those memos.

But this is a long term war against gold, so the FED will not give up that easily.

Thu, 04/24/2014 - 08:43 | 4689993 agent default
agent default's picture

Forget Switzerland.  After all the concessions Switzerland has made to the EU and the US, they are finished.

Thu, 04/24/2014 - 09:27 | 4690207 AvoidingTaxation
AvoidingTaxation's picture

Always better than a FEMA camp.

Thu, 04/24/2014 - 08:39 | 4689967 Againstthelie
Againstthelie's picture

The same happened when the Swiss France was devalued and bound to the weak Euro.

Or when Draghi promised to print unlimited amounts of Euros.

And on almost any other very bullish occurrence for Gold in the last years. It would be hilarious if it wouldn't be the regime we are living in.

They obviously learned from Paul Volker's admission, that his biggest mistake was to let the price of Gold rise that much.

Whatever had been bullish for Gold for threethousand years, in the Brave New World no longer seems valid.


Thu, 04/24/2014 - 09:04 | 4690077 drendebe10
drendebe10's picture

Gold prices aren't manipulated. Nah, no way. And the fudge packer in chief is honest amd competent looking out for the best interests of the peasants and serfs. 

Thu, 04/24/2014 - 08:50 | 4690024 rayban
rayban's picture

Option expiry today: it looks like a continuation of last week bear raid. Weekly closing tomorrow more important, with a reversal possible after a similar failed attack on the miners on Monday.

Thu, 04/24/2014 - 09:23 | 4690196 Al Huxley
Al Huxley's picture

A nice little fake reversal in the miners yesterday, all the newsletters writing about 'miners outperforming'.  Ha ha!  What a setup, it never gets old!  Fuck, they JUST did that a month ago - fake breakout in the miners - don't people EVER learn?

Thu, 04/24/2014 - 09:50 | 4690332 rayban
rayban's picture

GDX chart shows a failed attack on 23.27 support on Monday, followed by a break of downtrend yesterday, still to be confirmed.

Thu, 04/24/2014 - 09:55 | 4690354 Againstthelie
Againstthelie's picture


Thu, 04/24/2014 - 09:32 | 4690241's picture

Gold and Silver are down, yet somehow my order from March 26th still hasn't shipped because of supply issues...

supply < demand = lower prices


Thu, 04/24/2014 - 09:44 | 4690283 TruthTalker
TruthTalker's picture

buy from ampex - orders ship on time

Thu, 04/24/2014 - 09:48 | 4690313's picture

They are one of my vendors, but charge sales tax to the state that I have them ship to.  

Thu, 04/24/2014 - 08:15 | 4689897 Hayabusa
Hayabusa's picture

Damn goldbugs never learn.

Thu, 04/24/2014 - 08:21 | 4689915 Xibalba
Xibalba's picture

I don't think goldbugs mess with the paper stuff

Thu, 04/24/2014 - 08:22 | 4689919 Grande Tetons
Grande Tetons's picture

Pounding the VIX tells me that not many value insurance. Gold getting pounded is not too surprising.


Thu, 04/24/2014 - 08:40 | 4689969 DaddyO
DaddyO's picture


What the hell does the paper price matter?

If you're even a casual reader of ZH and other alternative news sites, you understand how deep the manipulation runs.

What has changed on the world stage to drive PM prices to their current levels?

Moar war, moar printing, moar banker deaths, moar, moar, moar...

Nothing has changed to the physical properties of the PM's many hold, remember that.

How long can the spring of suppression be held down?

The price of paper PM"s is inversely proportional to the stock market.

Every anti-PM writer will point to the stock market when it's zooming and decry PM's as a bygone relic.

IMHO, disregard the manistream notion of using paper assets as a hedge and buy and hold PM's as the ultimate hedge against the coming world turmoil.


Thu, 04/24/2014 - 09:10 | 4690106 drendebe10
drendebe10's picture

What turmoil? Everything is peachy keeny. Fudge packer in chief  just got an EBT csrd.

Thu, 04/24/2014 - 08:23 | 4689920 mayhem_korner
mayhem_korner's picture



Of course, it is the stealth gold bugs who are slamming the price down through the ETF veil.  The purpose of orchestrating cascading price drops is because they want to buy it as cheaply as possible.

Thu, 04/24/2014 - 08:39 | 4689959 Flux
Flux's picture

Goldbugs are silly. Harmless ...

But silly.

Would if I could educate them on the consequences of their worldview, but alas ... it seems preferable for them to live in eternal night.

This is ok if you are a vampire, ghoul, or maybe an emo. But otherwise, it kinda sucks.


Thu, 04/24/2014 - 08:45 | 4689998 Againstthelie
Againstthelie's picture

If I could educate the sheeple on the consequences to believe the globalists' phrases and the fairy tale of a "free press", which never existed until the internet accidentially broke the news monopoly of international high finance, but alas... it seems preferable for them to live in eternal night.

Thu, 04/24/2014 - 08:48 | 4690017 Xibalba
Xibalba's picture

to not own any shiney is to put your faith in those notes....those non-interest bearing ones issued by insolvent banks, and said banks are hoarding gold....hmmm.

Thu, 04/24/2014 - 08:55 | 4690041 SoilMyselfRotten
SoilMyselfRotten's picture


Thu, 04/24/2014 - 09:02 | 4690061 Badabing
Badabing's picture

 fluxit gave yourself an up vote? LOL

Thu, 04/24/2014 - 09:05 | 4690082 Flux
Flux's picture

Actually no!

I had a PERFECT 17-0 score. My best yet!

And then some clown had to ruin it. People ... work with me.

Thu, 04/24/2014 - 10:00 | 4690385 CHX
CHX's picture

So you just forgot the /sarc in all your posts? If so, keep them posts rolling, quite entertaining actually.

Thu, 04/24/2014 - 08:47 | 4690008 DaddyO
DaddyO's picture

History is replete with examples of fire coming in the night.

Poof, paper burns.

Tangible assets endure.

Silver pierces the heart of the vampires, ghouls and MZB's...


Thu, 04/24/2014 - 08:52 | 4690027 Flux
Flux's picture

Actually, our new CAD is rubber. It more turns into a gooey mess when it burns. However, if your rub two 50s together, a scent of maple syrup wafts into the air.

It's true.


Thu, 04/24/2014 - 08:54 | 4690039 Againstthelie
Againstthelie's picture

Shekelblogger, how much do they pay?

Thu, 04/24/2014 - 09:03 | 4690069 Flux
Flux's picture

Well, I suppose whatever the exchange rate is ... but that's really beside the point. What you have with CAD is gooey maple syrup goodness. And that shit just don't grow on trees. Or get pulled out of the ground. In fact, I'm willing to wager ... it has a half-life of about 5.3 billion years.

I'd say place that in your peace pipe and smoke it, but it would get sticky fast.

What's a Shekelblogger?

Thu, 04/24/2014 - 09:12 | 4690126 mayhem_korner
mayhem_korner's picture




The HD quality of your avatar is a dead give-away that you are a newborn troll bred in the backroom.  Possibly the spawn of MDB?  In any case, we look forward to your musings. 

Thu, 04/24/2014 - 08:41 | 4689983 Cattender
Cattender's picture

i wonder how long it will be before people will just Give up and put out their Gold with the other common trash at the curb? hey, maybe Debt REALLY IS WEALTH after all! that would mean if i Rack up a Huge amount on my BOA CC it would be a good thing.. right?

Thu, 04/24/2014 - 08:15 | 4689899 10mm
10mm's picture

Trucks in park just waiting to go in reverse. 

Thu, 04/24/2014 - 09:55 | 4690353 CHX
CHX's picture
Thu, 04/24/2014 - 08:18 | 4689905 mayhem_korner
mayhem_korner's picture



The only "technicals" that matter are the code lines in the HFT algos.

Thu, 04/24/2014 - 08:19 | 4689908 Took Red Pill
Took Red Pill's picture

Good! Time to buy more!

Thu, 04/24/2014 - 08:19 | 4689912 Charles Nelson ...
Charles Nelson Reilly's picture

Lower prices will definitely scare off the Chinese?!?


Thu, 04/24/2014 - 08:23 | 4689921 The worst trader
The worst trader's picture

Total JOKE!

Thu, 04/24/2014 - 08:23 | 4689923 TruthTalker
TruthTalker's picture

What do any of these numbers mean when we know it is manipulated and rigged?  NOTHING - they can dump shares and manipulate prices at whim so what do ANY analysis mean when you are dealing with corruption - not much.

Thu, 04/24/2014 - 08:29 | 4689943 fonzannoon
fonzannoon's picture

"What do any of these numbers mean when we know it is manipulated and rigged?"

it means that if you find yourself in the unfortunate position of needing to liquidate pm's to pay for things like food and energy and healthcare etc. that continue to go up then you are selling assets that are losing value in an environment where the things you need to consume in order to exist are rising in price, and pm's were supposed to be protection against that. That is what it means, whether people want to hear that or not.

Thu, 04/24/2014 - 08:36 | 4689962 TruthTalker
TruthTalker's picture

They are long term protection not short - anyone who is spending money they should be spending on food or survival things is not thinking clearly - food is going to be a huge asset and $ should be spent there first - savings that you can afford to live without for a while should go into hard assets - they will not be considered an asset while the corrupt regime is manipulating the market - but once they fail - and they will - your hard assets will come into play -

Thu, 04/24/2014 - 08:43 | 4689989 Grande Tetons
Grande Tetons's picture

A couple of grand in coffee and hooch. They will not go bad and will end up getting consumed if the shit never hits the fan. 

Do NOT follow this link or you will be banned from the site!