The gold(en) collapse
Gold was properly smoked today as Powell reignited the dollar. On June 1 we almost reached the 1920 resistance. We warned our readers about the possible reversal in our post, Gold - shooting star reversal?
We wrote;
"Gold reached almost the 1920 level so far today, before we reversed lower intra-day. Gold hasn't put in a "confident" up candle in 6 sessions. Candles with long shadows to the upside are all telling the same story, buyers can't take it higher right now."Needles to say, the crowd had gone from hate gold to love gold during the April/May move, and managed attracting a lot of fresh longs, all feeling huge p/l pain today as gold collapsed below the 200 day moving average.
We wrote;
"Gold reached almost the 1920 level so far today, before we reversed lower intra-day. Gold hasn't put in a "confident" up candle in 6 sessions. Candles with long shadows to the upside are all telling the same story, buyers can't take it higher right now."Needles to say, the crowd had gone from hate gold to love gold during the April/May move, and managed attracting a lot of fresh longs, all feeling huge p/l pain today as gold collapsed below the 200 day moving average.
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