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Gold’s US Jobs-Friday Plunge

From zealllc.com

Gold plummeted last Friday, dragging silver and their miners’ stocks down with it. That was reminiscent of another brutal down day in early November. While certainly uncommon, sharp selloffs naturally freak out traders crushing any bullish sentiment. Serious gold down days are nearly always driven by heavy speculator selling in super-leveraged gold futures. The risk of that erupting depends on their positioning. A week ago on Jobs Friday, gold collapsed an ugly 3.5% to $1,847! Those monthly US jobs reports are the most-important economic data in terms of market-moving potential. So there are much-higher odds of big ... (full story)

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  • Category: Fundamental Analysis