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Gold Bounces Off Key Technical Support On Massive Volume

Courtesy of ZeroHedge. View original post here.

The last 48 hours has been quite a chaotic one in precious metals markets with massive volumes of 'paper' gold flushed in and out of the futures markets. This morning – shortly after the US open failed to spark a panic-bid in stocks – gold futures bounced off their 200-day moving average on huge volume (around $4.5 billion notional) breaking above the 100DMA…

The last day or so has seen a plunge below the 100DMA (on 33,000 contracts – around $4.2 billion notional), then another flush to the 200DMA as Europe opened overnight (on 22,000 contracts – around $2.8 billion notional) and then shortly after the US equity open, a 35,000 contract ($4.5 billion notional) rip higher off the critical moving average…

Once again the moves in gold appear to mirror manipulation in USDJPY…

Silver is echoing Gold's moves today but yesterday's standalone move remains…


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