There’s a Raging Battle in Gold Below $1,800

Now it’s just a matter of waiting it out. Once the bullion banks have covered as many shorts as they possibly can in both silver and gold, then the price bottom will be in.”

The gold price didn’t do much in early Far East trading during their Wednesday morning. But there was a spike up to gold’s high of the day right at 12 o’clock noon Hong Kong time.

From that high, gold was down just under ten bucks shortly before lunch in London…and at that point, a somewhat more serious selling episode got under way. This bout of selling ended at precisely 10:30 a.m. in New York, before a buyer showed up…and that took the price up $30 by 1:00 p.m. Eastern.

The price drifted a bit lower from there, but the moment the Fed made their‘announcement’…gold spiked up to its New York high of the day, which Kitco recorded as $1,816.30 spot. Then ‘da boyz’ showed up…and in about thirty minutes they had the price down about thirty-eight bucks.

The subsequent rally met the same fate…and gold closed virtually on its low of the day…down $24.30 spot. Net volume wasn’t overly heavy…around 170,000 contracts.

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