Gold Drops To Key Technical Support After $2 Billion Purge

Tyler Durden's picture

After surging above its 50-day moving-average on Friday, it appears someone is keen for that key technical level not to hold as they dumped almost $2 billion notional in seconds this morning, testing down to the 50DMA (but holding for now).

15,000 contracts dumped in under two minutes... but for now the 50DMA is holding...


The Dollar Index has been flying around after the Merkel headlines over the weekend...

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Bill of Rights's picture

Let me check...Yup money morning...

BaBaBouy's picture

AND... Its NYC COMEX open Time ~

SAME Chit Under Thump, Nothing Changed, Swamp...

HillaryOdor's picture

But wait.  It just broke through a key technical resistance the other day, on heavy volume no less.  

Oh it's just retesting it.  We're good here.  

I studied TA a little bit a while back and I don't recall using MA as support or resistance.  It was more about pattern formation with fixed support/resistance.  

RAT005's picture

My biggest mining stocks didn't do too well Friday.  I've often seen miners smashed before metals. Also note initial spike up in PM this morning.  Obviously manipulated. BTFD.

Clint Liquor's picture

Billions sold in seconds to obviously drive the price down is nothing more than 'price discovery'. They were trying to 'discover' how many stop-loss orders they could run.

Scuba Steve's picture

Thats the deal now, I dont think there are as many Stops as theyd like.

Getting harder for "them" to make easy money and do the CB's dirty work. 

"Well, someone's got to pay ... and its not gonna be me" - Wall Street movie

giovanni_f's picture

that old short selling ultraviolence

yogibear's picture

Central Banks cannot allow gold to go up. They must be enabled to pint infinite currency. A currency crisis would be disastrous. Next is to control cryptos.

yogibear's picture

Central Banks cannot allow gold to go up. They must be enabled to pint infinite currency. A currency crisis would be disastrous. Next is to control cryptos.

resistedliving's picture

RAT you nailed it. 

Opinion please.  Is it the miner's, CB's, specs or combination thats dropping these bombs (albeit paper ones but still) on us?

Iow, where can i see a breakdown of who's moving the market like this

GTC's picture

It's not the miners.

It's banks and hedge funds. 

resistedliving's picture

like frackers, miners have been known to hedge. 


but $2B in a NY minute?

Max Hunter's picture

They need to keep it knocked down because when Israhell starts a war between US and Iran, the price of everything is going to pop like a pipe under pressure.

Raffie's picture

I told u all a couple days ago, the powers that be want gold in the 1260-1290 range.

Can't afford to have gold shoot up an stay there after Yellen & Friends said everything is fine.

Here's to hope that PM one day will show their true value.

GoingBig's picture

who are these "powers that be". Nobody cares that much.  It is just the big bankers trying to make money both up and down. 

Raffie's picture

Jamie Diamon & Central Banker Super Power Friends ..... sounds like a 70's cartoon...

GOLD as of now -$18 and going down.... 


Dr. Dooms-a-lot's picture

Takes time to drain a swamp that big.

Dsyno's picture

It especially takes a long time when more swamp creatures have been added.

Putrid_Scum's picture

I’d like to thank the Global Government, I’m loading up Bitchez!

Oh by the way, the bosses want Merkel gone, da Germans are gonna need a leader with ballz for the Reset. That’s what’s actually happening ...

Bye bye Merkel

Hello Reset

Putrid: ... Any Questions?

HenryKissingerZuckerberg's picture

I’d like to thank the Global Government, I’m loading up Bitchez!

seasonal shows christmas week is the best for Q4

so wait...

Justin Case's picture

Nothing like a good purge in the morning before breakfast.

quadraspleen's picture

Please can it go down to 1100 so I can load up on a couple of boxes of Brits (before any type of armed conflict starts, please)

Dsyno's picture

Too late. You've had years to stock up. The train isn't going to wait for every late-comer.

Pearson365's picture

LOL.  A $2 drop.  Manipulation fail.

NemesisteM's picture

Central Bank manipulation at its finest. 

spastic_colon's picture

yep here comes the complete recover of fridays index losses in 3.....2.....1....

unbelieveable CB fraud on full display.............

GOSPLAN HERO's picture

Will SEC investigate?

hsun85's picture

$2 billion only moves the market by $5 now?

ShorTed's picture

Has more to do with the structure of the bid stack.  That's why they usually try to crush it in the middle of the night.


RAT005's picture

Their manipulative trades also signal the hot money when to follow them so more capital jumps on their bandwagon.

T-NUTZ's picture

Bitcoin is ripping the head off gold and shitting down it's neck.

YUNOSELL's picture

it's not as shiny though -- I like looking at my gold, what's your bitcoin look like?

YUNOSELL's picture

That's still an illusion.

I truly hope you can sell in time. It's funny because your above post which I "liked" you say the SEC is in on the manipulation, so you can accept that Gold & Silver are heavily manipulated, yet you still think Bitcoin is a great buy and NOT a bubble. Tell me then -- why aren't they going after Bitcoin with the same fervor as they are with gold & silver?

FreeShitter's picture

I own all three dude, I hold no emotional attachments like all u no coiners. I have held gold and silver MS grades since 04.....

YUNOSELL's picture

Yeah well, outright fraud with nothing ever being done about it has the tendency to make those being defrauded a little emotional

FreeShitter's picture

Never go all in on one u learned. Trust me, Ive been burned in the past too.

YUNOSELL's picture

Actually, I must admit I am not complaining about the price suppression as I am still buying, LOL

I only 'complain' since I find it amazing they can still get away with outright fraud and corruption in suppressing the price for so long, and the fact that the economy is one big illusion now with nothing as what it seems. Crazy reality we live in now.

Scuba Steve's picture

When you gather that:

1) Soros, Hillary and Bill Clinton are still breathing

2) All the CB's have done what they have over the last 10/20 yrs 

3) what the SNB and DeustchBank amongst the other big banks have done.

4) the outright political abuses

5) BLM can do what they want while conservative groups are maligned


They can do anything they want, manipulation of PM's/Markets is just a Means to assorted Ends imo. Child play for the Men that run the world.

Putrid_Scum's picture

Rothschild: First, manipulate with greed. Then, manipulate with fear.

bshirley1968's picture

Yeah, 8200.......pieces of shit paper.

Call me when the Shitcoin can stand on its own.  If the dollar ceased to exist today, gold would stand on its own as a store of value.  What would your shitcoin be worth then?

All the crypto is doing is migrating people in direction TPTB want society to migrate.  ELIMINATION OF CASH once and for all.  Now they have come up with millennial dumbass "gold".....let's call it "bitcoin".  It will be digital, we'll make them think they control it.  "They'll love it!"  Why would a millennial want gold.  Yeah, we'll continue to suppress the price of gold and take shitcoin "to da moon, Baby!"


Putrid_Scum's picture

It’s all about time and destruction.

The Cryptos buy us time, to destroy ... Saudi, Turkey, Egypt, India ...

It corals the excess fiat into a place where it’s not spent ... $8,300 and it’s never spent ... :) What’s the point in owning it then?

Who is The Master Manipulator?

Be careful Americans, you’re also on the list ...