Gold prices are down almost 2% this morning – the biggest drop since Nov 2016, breaking below the key $1300 level, down to 6-month lows.
Silver is even worse – crashing 4%, back below $17 after a huge week of outperformance.
In fact Gold has fallen to the same level it was at right before its spiked on Trump’s election…
Having traded around $1300 for a month, heavy volume broke it below 2018’s lows and $1300 support…
For context – the last 4 hours have seen around 260,000 contracts dumped through Gold futures or around $34 billion notional!
What is most interesting is the last few days have seen Yuan and Gold trading very much in sync, but as yesterday’s trade-war headlines started to strike, Yuan tumbled – but gold held in there… until just now!
Silver is getting slammed too – back below $17 on heavy volume…
Also of note is the fact that Gold/Silver just exploded higher…
After tagging its lowest level since Thanksgiving
It would appear someone is implicitly betting on a huge dollar spike – which is what would likely happen in a full-blown trade-war.
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