Massive Short Covering & Buy Stops Triggered In Gold & Silver
November 6, 2012
On the heels of some wild trading in many key global markets, today acclaimed trader Dan Norcini told King World News, “Once gold took out $1,700, they set off the buy stops and generated more algorithm buying. All of the hedge funds that were selling gold and silver on Friday are now buying those contracts back.”
Dan Norcini continues:
“It would not surprise me to see a melt-up as the day progresses after-hours or overnight if gold clears $1,720 and does not fall back. Gold could head quite rapidly to $1,740. The strange thing about this is the dollar has barely budged in all of this, so we have to keep an eye on the integrity of this move.
The trading is all about momentum and panicked short covering right now….