This from Ed Steer this A.M.

Snippet:

"Although we closed above the 50-day moving average in gold for the second day in a row, this loss of momentum---entirely caused by JPMorgan Chase et al---will/could set up the chart pattern for a 'failure' at this moving average. I stated the same thing in this space yesterday, but with one more data point added, my conviction remains unchanged. And as Ted said on the phone yesterday, the COT set up is such that "da boyz" could peel $100 off the gold price if they really set their HFT foxes amongst the golden pigeons.

The situation in silver is similar, except for the fact the metal is well below any significant moving average but, like gold, the technical funds are still massively long---and JPMorgan and the raptors could harvest these longs and ring the cash register if they so wished.

But the question concerning "all of the above" is---can they, or will they? The short answer is the same as the long answer---I don't know, and only time will tell."

Comment:

In The long run, as far as I am concerned, the so-called "Golden Cross" means "diddly-sqat'! (with apologies to gwr1 et.al.)

"We live in interesting times"

Good Luck to all!