That’s what the conventional headlines will tell you. The truth is that anyone who actually watches gold knows that gold trades according to the whims of the interbank market in terms of direction. The magnitude of any rise is carefully managed by the central banking cartel to ensure that the markets remain relatively calm. So, gold was allowed to rise 1% from the COMEX open this morning, which neatly coincided with the 288 EMA on the 2 hour chart before running out of buyers. The 1% rule has become so strongly ingrained in the minds of most traders that they bail on the trade happy to have gotten anything for their patience.
Gold hit a high on the June contract of $1685.05 per ounce on Monday before settling back to close the afternoon at $1679.25 per ounce.
Spot silver as well had a very good day to start the week, taking off on high volume as the COMEX opened, trading like a commodity, pushing up through the $33.00 barrier to hit a peak of $33.23 and holding that level through the COMEX close. A very impressive performance for the white metal. The selling continued in the afternoon session on the Globex, eventually hitting a low of $32.91 before the bulls came in to support the price and begin another assault on $33.00 per ounce.
In other news, it looks like everyone was buying everything to start the day as stocks, bonds and commodities were all rallying. You know, I wonder how that happens, it’s almost like there was an unlimited amount of money sloshing around. Nah, that can’t possibly be it.
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