Gold plummets below $1,600 as US stock indexes lock limit down; liquidity worries
Gold prices are sharply lower and have fallen below psychological support at $1,600, falling victim to the old trading adage, “when you can’t sell what you want, you sell what you can.”
In a panicky marketplace with U.S. stock indexes that locked down their daily limits and trading halted in early dealings Thursday, traders of multiple markets are selling gold, likely partly due to meeting margin calls and amid liquidity concerns. There are reports U.S. Treasury market liquidity is drying up. That stands to reason as many traders of many markets are exhibiting a “when in doubt, get out” trading mentality. Gold has not yet seen serious near-term technical damage inflicted even though prices are presently sharply down. Some near-term chart damage would occur if April gold futures prices dropped below strong chart support at $1,564.00, which is the last “reaction low” in a price uptrend that is still in place on the daily bar chart. Bulls need to defend that level to keep the near-term price uptrend alive. April gold was last down $53.00 an ounce at $1,588.00.
source: www.kitco.com
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