Loading ...And most curiously, until just minutes ago China’s deflationary wave also meant that gold was soaring – since it implies even more easing by the PBOC eventually – and then out of nowhere, perhaps the BIS gold selling team finally came back from lunch, gold had a furious slam which sent it lower by $10 in the matter of seconds, a move reminiscent of the now busted spoofs that we caught in the past and which led the CFTC to actually do something for once.
This happened just as the yellow metal was about to breach the 200 DMA at USD 1176.77 after reaching 3 month highs, and take off to the next resistance level. Convenient.