I’m With You Mr. Kitty
Apparently nobody today that’s for sure. I’m guessing we saw about 40% the normal volume with a very tight range in gold. The only thing missing for the 'official" FWD [Flying Wedge of Death] was a new low late in the day.
Sure, blame it on Easter, but maybe it’s the account destruction of the last week that has most retail traders wanting to be in church early. Just sayin’ maybe.
The algorithm was in buy mode today looking for entry below 1619.
“So sorry, not today.”
Tomorrow is Good Friday and it’s NFP day. Oh boy, a nothing night followed by a total stop hunt starting at 7:30 A.M. tomorrow morning. Markets that are open will trade off this and I’m sure fireworks will hit the gold market in one way or another.
We did have 3 sell signals today, but no buy signals; but the algorithm wasn’t looking for sells, it was looking to get long below 1619.
Without any test of yesterday’s low, today felt like the proverbial “dead cat bounce”. Sure, we had some covering going into tomorrow’s NFP, but the gold cartel dogs backed off today. It was if they didn’t want a test of the lows.
Vampire Squid [Goldman Sachs] is calling for 200K tomorrow for the NFP report. If we get it, I think selling could resume and 1600 starts to come into focus. It’s all about future Fed printing and a stronger economy negates that, thus hurting gold.
On the other hand, a weak number under 100K could see gold rally into the weekend. Unless you got really strong hands [and stomach] being short into a rallying market into a weekend isn’t something most accounts want to do. We’ll see.
Have a good day everyone.