This post was just published on ZYX Short Sell Change
Gold is down $17 in spite of fresh data from the International Monetary Fund (IMF) that Kazakhstan, Turkey, South Korea, and Russia have recently been buying gold.
Today several analysts are out thumping their chests to buy gold because of central bank buying. What does gold do? It promptly falls $17.
The reason is that the momo crowd has been an aggressive seller of gold this morning.
Yesterday we told you that the momo crowd was spooked about riots in Spain.
Riots in the streets and a lot of bad news — momo crowd responds by selling gold.
This is why risk in gold and silver is high as momo crowd continues to behave contrary to traditional role of gold and silver.
Gold futures are at $1745, silver futures are at $33.56, and oil futures are $90.27.
S&P 500 resistance levels are 1439, 1444, and 1450; support levels are 1424, 1415, and 1410.
DJIA futures are down 11 points.
