Recalling Last Tuesday
Just a couple of things while we wait for The Wicked Witch...
1) Once again, The Cartel raided the metals in the U.S. overnight. This time, they extracted about $6 in the 5 minutes beginning around 3:25 EDT. This has been their recent pattern. Over the past two weeks, raids have been a frequent occurrence between 3:00am and 5:00am EDT. I do not have the charting capability to print a 15-minute or even an hourly chart that goes back the past 10 days. If anyone does, please post it in the comments below. I'm sure it would be telling.
2) The POSX looks the part today.
The fact that it is close to breaking down through the bottom of its range yet the PMs are NOT rallying leads us to point #3...
3) Be on guard for another Tuesday Globex raid by The Forces of Evil. Recall last Tuesday...They showed their intentions by raiding the PMs in the overnight. They were unable to generate selling traction during the pit session as all commodities were sharply higher. They waited until the pit close (and after the time cutoff for the CoT survey) to raid.
What have we seen today? An early morning raid and a pit gold price that's tough to "assault" because of the extraordinarily weak dollar. Same conditions as last Tuesday.
And with the atmosphere ripe for a headline or even a rumor or some type of "compromise" in D.C., you've got all of the ingredients for an EE beatdown. Oh, and don't forget that today is August gold options expiry.
Be careful out there. A full-scale attack could come at any time. TF