24 Hour Gold - Kitco

Kitco's 24 hour gold chart shows that most of the selling in the last 24 hours came during Hong Kong trading hours. This means that Asian traders are dumping their futures contracts.

If traders believe wholeheartedly that gold prices mean to recede after options expiry, than they will act on that impulse a week beforehand, and roll over into the next contract expiry period.

The 89-week EMA was tested again, but the previous low was not taken out in $US dollar terms, which was $1523.90. This low is very important in the grand scheme of things, because if it's taken out, then this invalidates gold price forecasts using timing.

So far the technical requirement of testing the 89-week EMA is fulfilled, meaning if anything that the correction, or consolidation is complete.

-F6