Gold Plunges After 1.8 Million Ounces Were Traded in One Minute

#1
Gold sank like a stone at 9 a.m. in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order.

Trade shot up to 1.8 million ounces of gold in just a minute, a level not reached even with the surprise election of U.S. President Donald Trump or Britain’s vote to leave the European Union.

“No one has a clue, apart from the unfortunate individual that pressed the wrong button,” David Govett, head of precious metals trading at Marex Spectron Group in London, said of the spike in volume. Thin activity and automated trading may exacerbate such moves, he said.

Others said a trader may have made a larger order than intended, or underestimated the market’s ability to absorb so much gold.
-1x-1.png
Some 18,149 lots were traded on Comex in just a minute, before falling back to 2,334 lots an hour later.

Gold futures fell as much as 1.6 percent to $1,236.50 an ounce on the Comex, the lowest for a most-active contract since May 17. The metal for August delivery settled at $1,246.40 an ounce at 1:37 p.m. in New York, below the 100-day moving average.

The mysterious plunge “has the market spooked,” says Bob Haberkorn, a senior market strategist at RJO Futures.
‘Muppet’ Trade

“This bears the hallmarks of a fat-finger ‘Muppet’ -- a trade of 18,149 ounces would be a very typical trade, but a trade of 18,149 lots of a futures contract (which is 100 times bigger) would not be,” Ross Norman, chief executive officer of Sharps Pixley Ltd., a London-based precious-metals dealer, said in a note.

“It leaves us wondering if a junior had got confused between ‘ounces’ and ‘lots,’” Norman said.

Some speculated that the sell-off may have been prompted by technical concerns.

“Gold’s failure at the $1,255 resistance level may have triggered a technical sell and with limited participation, the size of the sell order pushed gold” down to the next support level, Peter Hug, marketing director at Kitco Metals Inc., said in a note to clients.

Bullion pared losses after a report showed U.S. orders for business equipment unexpectedly declined.

Rising use of computer-driven algorithmic trading has often been blamed for extraordinary movements in financial markets, known as flash crashes, in recent years.

The rest is here: https://www.bloomberg.com/news/articles ... ork-minute


Gold in bullish consolidation

#2
Gold Technical Analysis: In a bullish consolidation phase

- Gold is trapped in a narrow range of $1,220 to $1,230, as the bulls are likely having a breather, having pushed the metal to a 2.5-month high of $1,233 last week.
- Also, the consolidation is happening in the positive zone above the six-month-long falling trendline. It is worth noting that the trendline hurdle was breached last week.
- A break above $1,230 (upper edge of the range) would signal a revival of the rally from the Oct. 8 low of $1,183 and could yield a rally to $1,248 (200-day exponential moving average).
- On the downside, a daily close below the 10-day EMA would weaken the bullish case.

Trend: Bullish

Hourly Chart

XAU_USD (45)-636758681427702745.png


Current Price: $1,223


Daily High: $1,225

Daily Low: $1,221

Resistance

R1: $1,230 (range resistance)

R2: $1,235.24 (July 26 high)

R3: $1,248 (200-day EMA)

Support

S1: $1,220 (range support)

S2: $1,214.30 (Aug. 28 low)

S3: $1,200 (psychological support)

Source: https://www.fxstreet.com/news/gold-tech ... 1810230509
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Gold gearing up for another run at $1,250.00

#3
Gold gearing up for another run at $1,250.00

-Risk-off sees Gold taking another run at recent swing highs.
-Souring market sentiment is seeing rapidly-increasing demand for safe-havens.

Gold is finding some continued buying support in Thursday's trading, lifting back into 1,236.00 as risk sentiment takes a turn for the worse in broader markets, and the safe-haven metal is finding support from yesterday's low of 1,225.00.

Global markets turned lower on Wednesday, sparking another round of bidding in the soft yellow metal as investors seek shelter amidst the fallout of equity routs around the globe.

US bonds continue to find their yields getting bolstered, driving action into the US Dollar, and the market moves are also seeing Gold prices back on the rise after several weeks of steady trading. As investors continue to seek somewhere safer to dump their cash holdings, the XAU/USD chart is leaning increasingly bullish as the in-demand metal rises from early October's lows of 1,180.00.

Gold levels to watch
Gold prices touched the 200-hour moving average yesterday at 1,225.00, and the week's high remains the current ceiling near 1,240.00, a three-month high for the commodity, while support is now built-in at the top of the previous range just north of the 1,200.00 major technical figure.

Source: https://www.fxstreet.com/news/gold-gear ... 1810250445
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Gold Technical Analysis: Consolidation likely ahead of US employment cost data

#4
Gold Technical Analysis: Consolidation likely ahead of US employment cost data

- Gold is looking oversold as per the hourly chart relative strength index (RSI). Notably, a bullish RSI divergence would be confirmed if the current or the next hourly candle report gains, without printing lows below the session low of $1,215.
- The action on the hourly chart indicates the pullback from the recent highs above $1,.243 could be nearing an end, however, only an acceptance above the falling trendline would put the bulls back into the driver's seat.
- A break above the falling trendline will likely remain elusive if the US employment cost index, due for release at 12:30 GMT, indicates that wage-price inflation picked up the pace in the third quarter.

XAU_USD (47)-636765581848832030.png


XAU/USD
Trend: Consolidation

Overview:
Last Price: 1217.64
Daily change: -5.4e+2 pips
Daily change: -0.438%
Daily Open: 1223
Trends:
Daily SMA20: 1226.14
Daily SMA50: 1208.88
Daily SMA100: 1207.1
Daily SMA200: 1248.52
Levels:
Daily High: 1230.58
Daily Low: 1219.6
Weekly High: 1243.43
Weekly Low: 1219.9
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1223.79
Daily Fibonacci 61.8%: 1226.39
Daily Pivot Point S1: 1218.21
Daily Pivot Point S2: 1213.41
Daily Pivot Point S3: 1207.23
Daily Pivot Point R1: 1229.19
Daily Pivot Point R2: 1235.37
Daily Pivot Point R3: 1240.17

XAU/USD
Trend: Consolidation

Overview:
Last Price: 1217.64
Daily change: -5.4e+2 pips
Daily change: -0.438%
Daily Open: 1223
Trends:
Daily SMA20: 1226.14
Daily SMA50: 1208.88
Daily SMA100: 1207.1
Daily SMA200: 1248.52
Levels:
Daily High: 1230.58
Daily Low: 1219.6
Weekly High: 1243.43
Weekly Low: 1219.9
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1223.79
Daily Fibonacci 61.8%: 1226.39
Daily Pivot Point S1: 1218.21
Daily Pivot Point S2: 1213.41
Daily Pivot Point S3: 1207.23
Daily Pivot Point R1: 1229.19
Daily Pivot Point R2: 1235.37
Daily Pivot Point R3: 1240.17

Source: https://www.fxstreet.com/news/gold-tech ... 1810310450
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Gold's price hit 8-day low in Asia

#8
Gold's price hit 8-day low in Asia

- Gold eroded key trendline support in Asia.
- Prices fell to $1,219 - the lowest level since Nov. 1.
- The safe-haven metal is struggling to find takers despite risk aversion in the markets.

Gold's price hit an 8-day low of $1,219 in Asia despite losses in the major equity markets.

The yellow metal eroded trendline rising from the Oct. 9 low and Oct. 31 low a few minutes before press time.

Notably, the bearish move has happened even though the equities are trading risk averse. For instance, the S&P 500 futures are currently down 0.15 percent. Stocks in Japan, Australia, South Korea, and Hong Kong are also flashing red.

Clearly, the metal is struggling to find haven bids and is looking extremely vulnerable to dollar rally, if any. As of now, the greenback's exchange rate, as represented by the dollar index, is flatlined at 96.70 but may pick up a strong bid during the day ahead as the Chinese yuan is reporting losses.

Gold Technical Levels

Support: $1,216 (100-day SMA), $1,212 (Oct. 31 low), $1,200 (psychological level)

Resistance: $1,226 (5-day SMA), $1,237 (Nov. 1 high), $1,243 (Oct. 26 high)

15M Bullish
1H Strongly Bearish
4H Bearish
1D Bearish
1W Bearish


Source: https://www.fxstreet.com/news/golds-pri ... 1811090326
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Re: Gold news

#9
XAUUSD - GOLD

I added SELL orders @ 1282.16, and expect a strong SELL OFF the next days. If wee go higher i will add more

SELLORDERS @ :

➡️ 1285.18
➡️ 1284.74
➡️ 1284.69
➡️ 1284.60
➡️ 1283.48

for Take Profit ➡️ 1223.52 ⬅️.

HAPPY NEW YEAR - JUMBO -

Re: Gold news

#10
Jumbo wrote:
Tue Jan 01, 2019 6:19 am
XAUUSD - GOLD

I added SELL orders @ 1282.16, and expect a strong SELL OFF the next days. If wee go higher i will add more

SELLORDERS @ :

➡️ 1285.18
➡️ 1284.74
➡️ 1284.69
➡️ 1284.60
➡️ 1283.48

for Take Profit ➡️ 1223.52 ⬅️.

HAPPY NEW YEAR - JUMBO -
Happy new year u too man..............gosh hurry up market & open again i hate holiday :clap:
Contribution Inspector & GIF Animator at your service👮


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