Gold Drops Below $1200, USDJPY Hits 115.00

With a sizable notional of FX option expiring at the 115.00 strike, it seems the machines wanted to try and trigger something and as USDJPY jerked higher so Gold broke below $1200 for the first time since February 1st.

 

 

We will see how long it lasts...NOT LONG!

 

And remember the last time gold droped 8 days in a row - it tested $1200 and ripped...