This is the 60 minute chart of Gold this morning. At 9 AM before the market opened, the central banks hit Gold hard to cover their huge short positions. This is blatant illegal manipulation, but what are you going to do about it?
It happened Thursday morning as well and as you can see, it recovered completely only to be hit again the next morning. This should have been enough of a price retracement for them to cover their short positions, so I would expect a turnaround next week.
If you look at the daily chart below, it doesn’t really affect the long term technical pattern, we are still showing a bull flag pattern, but had there not been any manipulation today, we would have probably broken out to the upside today.
Just thought I’d show you how the Bullion Banks control the market to their favor. Banks should never have been allowed to speculate in the markets, but their PAC’s are so powerful, they can get away with anything they want.