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  • Commodities Tanking: Gold And Silver Getting Crushed, Oil Diving

    From businessinsider.com

    There is a major selloff in commodities today (as we first wrote about below) and it's getting worse. Gold is now down 2%. There are all kinds of theories for why, but nothing totally convincing. One line of chatter is that some huge options trades were made last night, but blaming market movements for trading is kind of circuitous. Silver is also getting clobbered. Oil is also fading. Earlier: It's unclear what just happened, but as US trading cranks to life, commodities have dumped. Gold just dropped about $15/oz in a couple of seconds.

There should be a law against this !
  •  Guest
  • | IP XX.XX.106.49
Any idea abt gold ??? what is buying level??
agreed
Quoting Gaaikema
There should be a law against this !
it caused me a big fortune with profits
Fat fingers are Pressing rather sitting on the Market !!!
  •  Guest
  • | IP XXX.XXX.122.50
It actually quite simple. These commodities are tanking because the sellers are more aggressive than the buyers.
Quoting hss
it caused me a big fortune with profits
congratulation but there is different story on other's end!!!
Yesterday Gold retested its Support level of 1737 and today again tried a lot to sustain over the Support line 1735-1737 but could not, even then there should be some respect of the RS!!!
Quoting Dr.Zain
congratulation but there is different story on other's end!!!
i was some how not sure about the markets trend and had been losing since3 days as im a scalper. thats why decided to go against the trend and covered all losses. now its time for crude
E/U should follow gold as a student........and make us rich
housing start 368 why not showing here
Boss, could you through some more light on the trend this evening and tomorrow. Thanks
Quoting Dr.Zain
Yesterday Gold retested its Support level of 1737 and today again tried a lot to sustain over the Support line 1735-1737 but could not, even then there should be some respect of the RS!!!
same situation here
Quoting hss
i was some how not sure about the markets trend and had been losing since3 days as im a scalper. thats why decided to go against the trend and covered all losses. now its time for crude
gold will go up next 2 hours
Quoting hss
i was some how not sure about the markets trend and had been losing since3 days as im a scalper. thats why decided to go against the trend and covered all losses. now its time for crude
which trading plate form do you have? as my broker does not allow to scalpe
Thank Jesus

Quoting Ubais
gold will go up next 2 hours
take profit 1724
What will be the effect of "New Home Sales"?
Quoting ibtisampk
What will be the effect of "New Home Sales"?
less than forcast 368
http://www.spreadco.com/Economic-Calendar
Quoting ibtisampk
What will be the effect of "New Home Sales"?
Further trend down?
Quoting ibtisampk
What will be the effect of "New Home Sales"?
Quoting Gaaikema
Further trend down?
My guess is as good as anyone's. Best to stay with the technicals.
everything down but currencies still strong, weird situation
Fundamentals are not moving the Market, a very crystal clear example is GOLD spiked 20$ in seconds with out any fundamentals and technicals!!!
Quoting Dr.Zain
Fundamentals are not moving the Market, a very crystal clear example is GOLD spiked 20$ in seconds with out any fundamentals and technicals!!!
Comex gold prices are sharply lower in early U.S. trading Wednesday and have seen accelerated selling pressure from moderate overnight losses. It’s a “risk-off” day in the marketplace in the early going, with gold and silver choosing to act more like a raw commodity (risk asset) than like a safe-haven asset. More consolidative price action on the daily chart is seen Wednesday, with the gold and silver bulls now fading a bit, technically.
It’s a risk-averse general trader mentality day in the marketplace early Wednesday. Traders and investors are more keenly focused on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. Rhetoric coming from all U.S. lawmakers this week is not soothing to the marketplace—highlighted by Senate Majority Leader Harry Reid, who said late Tuesday there had been scant progress made in the negotiating process to resolve the matter.

European and Asian stock markets, and the Euro currency were weaker overnight on the fiscal cliff worries. However, a well-subscribed Italian government debt auction Wednesday did somewhat assuage European investor fears. There is still a sense among many veteran politicos and market watchers that some type of deal will be reached soon to avoid the U.S. government going over the fiscal cliff.

Meantime, in the Middle East there are growing tensions in Egypt, as its president awarded himself major powers last week, and the public did not like it. Protesting in the streets is occurring this week. This situation bears close watching and if it escalates, it will more significantly impact markets.

The U.S. dollar index is higher Wednesday as the greenback bulls are working to recover from recent downside price action. Meantime, Nymex crude oil prices are trading weaker Wednesday morning. The crude oil bears still have the slight overall near-term technical advantage. These two key “outside markets” are in a daily bearish posture for the precious metals Wednesday morning.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, new residential sales, and the weekly DOE energy stocks report.
http://www.kitco.com/reports/KitcoNews20121128JW_am.html
Tough & Bad Luck then for Gold & others Commodities hmmmmm well sometimes Up BUT not this time
wait ----- upto london close
  •  Guest
  • | IP XXX.XXX.11.12
Guys,

One of the most probable reasons would be Options Expiry of a huge client ....why else would the drop happen in a span of 5 mins?
Quoting Ubais
gold will go up next 2 hours
Yes should be bye
can any one suggest the best buy level of gold ???
be careful, gold bears show power, and this could not be underestimated.
  •  Guest
  • | IP XXX.XXX.11.12
Guys,

Its highly probable as a result of an options expiry - that's why the drop happened within a span of 5 mins
a big fall in few moments means, its a run to a powerful support in order to start a fresh up move!!
gold will be up till obama speech ends
it juz a oversell,pullback will put at price 1729.20, 2013 gold price will shoot up.
just in time
for the lunar eclipse weird
Quoting Ubais
Comex gold prices are sharply lower in early U.S. trading Wednesday and have seen accelerated selling pressure from moderate overnight losses. It’s a “risk-off” day in the marketplace in the early going, with gold and silver choosing to act more like a raw commodity (risk asset) than like a safe-haven asset. More consolidative price action on the daily chart is seen Wednesday, with the gold and silver bulls now fading a bit, technically.
Gold cold not sustain support level of 1735, even than BIG sell off is unbelievable !!!
Quoting Dr.Zain
which trading plate form do you have? as my broker does not allow to scalpe
Try Exness. I have been using it like one year. Very tight spread and allows scalping....
could this be related to the saudi king in a coma and reported clinically dead
Quoting cppolybd
Try Exness. I have been using it like one year. Very tight spread and allows scalping....
Exness US based? I will try it, thanks
Quoting Dr.Zain
Exness US based? I will try it, thanks
sorry i meant intraday trader.. scalper came out of mistake. my broker doesnt allow scalping too
This is the second time in a week he have unexplained surprises. LOL.
I don't think gold will break any lower today. Just check your H4 chart. It's beginning to form a "possible" morning star. In my platform it's still have 1 hours 40 minutes to fully end the duration candle. If it is truly a morning star later, then technically it should going back north. Let's see
Quoting Guest
It actually quite simple. These commodities are tanking because the sellers are more aggressive than the buyers.
duh.
ahan.. w/come back on FF GG.. nice to c u here again
What you are seeing GOLD for today closing??

Quoting Gold-god
This is the second time in a week he have unexplained surprises. LOL.
I don't think gold will break any lower today. Just check your H4 chart. It's beginning to form a "possible" morning star. In my platform it's still have 1 hours 40 minutes to fully end the duration candle. If it is truly a morning star later, then technically it should going back north. Let's see
no new home sales & barak obama speech listed at FF today??
  •  Guest
  • | IP XX.XXX.136.142
Quoting Gold-god
This is the second time in a week he have unexplained surprises. LOL.
I don't think gold will break any lower today. Just check your H4 chart. It's beginning to form a "possible" morning star. In my platform it's still have 1 hours 40 minutes to fully end the duration candle. If it is truly a morning star later, then technically it should going back north. Let's see
Please update at close of candle. thanks.
Gold is quite erratic on 1H and 4 H charts. On daily chart, it's bullish (unconfirmed). However, it could be heading to 1625. So, good luck.
Quoting in10sif
could this be related to the saudi king in a coma and reported clinically dead
That might do it, especially if some royals thought a quick exit to be appropriate.
Carbon-Dioxide: the gas of life!
Quoting sfurqan
What you are seeing GOLD for today closing??
Hi sfurqan, I'm always around
I think the bottom of my last candle in 4H chart (1705.9) is the lowest the bear can go for today but I'm not so sure. There's a lot of surprises happen lately. It's beyond any technical I think. As long as I know, technical will not make that sudden big move. It must be some news.
Quoting Guest
Please update at close of candle. thanks.
Still 45 minutes to go to form a fully 4H candle, and this far it still forming a really long tail with a narrow body. Still have big possibility to form a morning star, unless something push the price lower than 1705.9.
I can't post chart here, so here's your clue: if the price for the next 45 minutes is between 1711-1716, yes that's morning star in my chart (Alpari broker).
Quoting Guest
Please update at close of candle. thanks.
Higher than 1716, that's a pinbar, also a good signal to have reversal upside
Thanks buddy.
Quoting Gaaikema
My guess is as good as anyone's. Best to stay with the technicals.
please any expert let me know... where will be Gold next? More can down I mean pull back to 1685 or even more or it will go to up 1740... I am waiting reply . thanks.
Quoting Guest
Please update at close of candle. thanks.
Sorry, no need to wait for another 20 more minutes for my candle. I think it's already clear where gold will go for today. It's already touch 1721. Hope that already make a confirmation of reversal upside. Bear has finished.
Better have a rest now. CU all tomorrow and good luck...
tomorrow will be GDP & unemp claims. these may strong USD to cross 1700 tomorrow or end of week.. or it will if cross 1725.. so this supposed to be downward trend is over for this season..

Quoting Gold-god
Hi sfurqan, I'm always around
I think the bottom of my last candle in 4H chart (1705.9) is the lowest the bear can go for today but I'm not so sure. There's a lot of surprises happen lately. It's beyond any technical I think. As long as I know, technical will not make that sudden big move. It must be some news.
  •  Guest
  • | IP XX.XX.176.193
Quoting rashidfx
please any expert let me know... where will be Gold next? More can down I mean pull back to 1685 or even more or it will go to up 1740... I am waiting reply . thanks.
Rashid - no one knows where it's going to be any time. Even when the sun moon and stars line up a trade will still go the other way sometimes. Most people believe gold will go up next year but it doesn't mean it will happen. Learn how to trade using technical analysis. Practice good risk management and enter/exit trades at key levels - not in the middle of a trend that's in no-mans land - that is the only way to make money in the markets. 1705 is a pretty solid support - look at the chart. Put your stop under it by a few pips - if it gets taken out and you lose a bit of money then that's the way it goes. If it breaks beneath there properly then sell til 1685. It's not rocket science - it's just a case of having a bit of self discipline. Anyone who didn't have a stoploss just below 1730 deserves what they got.
24 tons of (physical) gold sold at 0830 New York time.
Most probably a sovereign state sell off.
Gold price will rebound .
  •  Guest
  • | IP XX.XXX.56.243
buy gold after heavy strong fall?? no, never we see what hapens on markets after triple rollover
Main reason the big dropin gold price before NY session was from India. As India considered one of the biggest user for gold in the world and China now come in the second place. News came that gold orders will be reduced from 986 tons in 2011 to be 800 tons by the end of this year. After these news gold collapsed in two seconds.
The simple fact is, XAU-USD has tested the old uptrendline born in mid 2008, tested in 8/2010, 12/2011 and then broken and tested with various results (actually it's rather at the center of a battle). Also, the price hit at the same time resistance connecting 8/11/2011 and 28/2/2012 highs (put the parallel lower line and get the channel). So the location was perfect to tame buyers). Trade brainless (with open eyes).
There is a major selloff in commodities today (as we first wrote about below) and it's getting worse. Gold is now down 2%.

Commodities Tanking: Gold And Silver Getting Crushed, Oil Diving

Good Lord
Quoting iceheart
Main reason the big dropin gold price before NY session was from India. As India considered one of the biggest user for gold in the world and China now come in the second place. News came that gold orders will be reduced from 986 tons in 2011 to be 800 tons by the end of this year. After these news gold collapsed in two seconds.
Hi Iceheart,
Do you have the link to that news where I can read? I would like to know as clear as I can get what was the cause of that surprises. I get confuse, because from the latest news about Global Demand of gold, China already become the first place this year. The source from Thomson Reuters GFMS report at World Gold Council in London Bullion Market Association meeting, held in Hong Kong, mid Nov 12.
That news had no impact when came out, why it should have so big impact yesterday? Just curious.
Thanks in advance.
Quoting Guest
Any idea abt gold ??? what is buying level??
oh my.. i hope your not trading
Sorry GG i was sleeping it was 2:00 AM here
I got news in arabic from one of the brokers
But i searched in the internet for this

http://m.indianexpress.com/news/%22indias-gold-demand-may-dip-by-33--at-700-tonne-in-2012-wgc%22/989113/
Crushed? Can you imagine if they took $30 off of the price of an $800 television and they had a banner outside:"Prices getting crushed. Enjoy the super sale!"

The first thing youd say is where is the sale? where are the items on sale? Youd never notice it. And thats on something 1/2 the price of gold. What it seems like is the bears are trying to start a panic and couldnt, but I got knocked out of my AUD positions for nothing which really P.ed me off. First of all Austrailia might have a better economy if Gold goes down as demand will go up. I cant see gold going too much higher over next 12 months unless another housing crisis hits. And then what, youll sell your house and go live in a gold cave?
If u want me to post it in arabic and u can translate via google it's ok

توقعات تدني مستويات الطلب على الذهب في الهند، تعصف بأسعاره قبيل انطلاق الجلسة الأمريكية


انخفضت أسعار الذهب بحدة في الساعة الأخيرة، وذلك في ظل ارتفاع الدولار الأمريكي، حيث عزي هذا الانخفاض الحاد والمفاجئ إلى ظهور توقعات وتكهنات جديدة في الأوساق المالية تؤكد على أن مستويات الطلب على الذهب في الهند ستشهد انخفاضاً بنسبة 19 بالمئة خلال ما تبقى من العام الجاري 2012، وذلك إذا ما قورنت تلك المستويات بمستويات العام 2011.

ولا بد لنا من الإشارة إلى أن مجلس الذهب العالمي أكد على تلك المعلومات قبل قليل، مما دفع بأسعار الذهب إلى الانخفاض بشكل حاد في الساعة الماضية، في حين أشار المجلس إلى أن انخفاض مستويات الطلب على الذهب خلال الربعين الأولين من العام الجاري أسهم في هذه التوقعات.

وقد أكد المجلس على أن مستويات الطلب على الذهب ستبلغ في الهند حوالي 800 طن بحلول نهاية العام الجاري، بالمقارنة مع مستويات الطلب على الذهب في الهند خلال العام 2011، والتي بلغت 986 طن، علماً بأن الصين والهند يشكلان 50 بالمئة من إجمالي الطلب في العالم على الذهب.

ونذكر هنا العلاقة العكسية التي يرتبط الذهب والمعادن الثمينة بها مع الدولار الأمريكي، والذي يعد الغريم التقليدي للمعادن الثمينة والسلع الأساسية، وفي ظل ارتفاع الدولار الأمريكي في تعاملاته أمام العملات الرئيسية، شهدنا انخفاض أسعار المعادن الثمينة.

إذ انخفض مؤشر الدولار والذي يقيس أداء الدولار مقابل ست عملات رئيسية بما فيها اليورو والين الياباني والجنيه الإسترليني، ليتداول في تمام الساعة 14:02 بتوقيت غرينيتش عند مستويات 80.53، محققاً أعلى مستوى له خلال اليوم عند 80.58 منذ افتتاح تداولاته عند مستويات 80.35، ومحققاً أدنى مستوى له خلال اليوم عند 80.33.

وكنتيجة لذلك فقد انخفض المعدن الأصفر، ليتداول عند مستويات 1714.24 دولار للأونصة، محققاً أعلى مستوى له خلال اليوم عند 1743.22 منذ افتتاح تداولاته اليوم عند 1741.53 دولار للأونصة، وأدنى مستوى له خلال اليوم عند 1712.03 دولار للأونصة.
Arabic transalation in English

Expectations low levels of demand for gold in India, rocking prices ahead of the U.S. session


Gold prices fell sharply in the last hour, and in light of the rising U.S. dollar, which attributed the sharp decline and sudden rise to the expectations and predictions of new Alawsaq financial stresses that levels of demand for gold in India will witness a decline of 19 percent during the remainder of the year 2012 , and if compared to those levels to year 2011 levels.

We must be noted that the World Gold Council (WGC) confirmed that information earlier, pushing gold prices to decline sharply in the last hour, while the Council noted that the low levels of demand for gold during the first two quarters of this year contributed to these expectations .

The Council stressed that the levels of demand for gold will be in India around 800 tons by the end of this year, compared with levels of demand for gold in India during the year 2011, which amounted to 986 tons, noting that China and India constitute 50 percent of the total demand in the world Gold.

We recall here the inverse relationship that is linked to gold and precious metals with the U.S. dollar, which is the arch-rivals for precious metals and commodities, and in the face of rising U.S. dollar in dealings against major currencies, seen a decline in precious metals prices.

The dollar index, which measures the performance of the dollar against six major currencies including the euro and the Japanese yen and the pound sterling, trading at 14:02 GMT at levels 80.53, its highest level during the day at 80.58 after opening at levels 80.35, and its lowest level during the day at 80.33.

As a result, the yellow metal fell, trading at levels $ 1714.24 an ounce, its highest level during the day at 1743.22 since the opening of trading today at $ 1741.53 an ounce, the lowest level during the day at $ 1712.03 an ounce.
HI GG, what i heard that your FF account has been suspended??? Is that true? Any how Happy to see you again in FF family, i use to open GG blog, is there we can write some thing , if yes please let me know
Don't care what the cause , important thing not miss the wave to ride
I rather go with what forexlive wrote:
'the more likely reason is a sell order of over 7,500 contracts (100 ounce a piece) hitting the market as the Comex opened'
  •  Guest
  • | IP XXX.XXX.92.122
The move on gold last night was a classic perfectly executed STOP hunt.
Thx Paras
@Iceheart and Paras4you: thanks so much for the info...
@Dr. Zain: Yes it was true, only just a misunderstanding of promoting my blog. It's no problem now. The blog actually for my personal notes. I prefer we just gather in FF. It's already a perfect place for us. Thanks for asking.
@aqshue: agree... just feeling curious
  •  Guest
  • | IP XXX.XXX.206.53
http://gyazo.com/e18b00cd75d2fe072d2977fb5b1cf821 stop hunt sure was... for pro money to take weak hands then take this to the moon .
silver up strongly....

Gold will pull back soon
Goodluck to you!
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  • | IP XX.XXX.94.18
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  • Story Stats
  • Posted: Nov 28, 2012 9:47am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 78  /  Views: 19,796