This post was just published on ZYX Buy Change
This morning the momo crowd was aggressively buying gold and only lightly buying silver. Both metals were pushed up.
As the rumors of riots in Spain started spreading, momo crowd started selling gold and silver. Only very light selling was seen by Smart Money in gold and mild selling by Smart Money in silver. However the real reason of the fall in gold and silver is selling by momo crowd.
As of this writing, momo crowd has sold everything that they bought this morning.
Momo crowd continues its pattern of selling on bad news and buying on good news.
If there is no new good news, gold can easily fall to $1720 to $1730, and silver can fall to $32 to $32.50.
Of course if there is good news, momo crowd will try to run up the metals again.
