Saturday 13, April 2013 by Gerhard Schubert

Precious Metals Report: Gold under pressure

Technical selling can be expected on Comex opening on Monday, based on models, which have received sell signals based on last Friday's close. It appears that the significant selling pressure last Friday was amplified by a four million ounces (124.4 tons of gold) selling order, to be executed on Comex opening. This was clearly too much for a relatively empty market to handle, and the initial pressure resulted into waves of selling, which in turn attracted further selling all the way down.