Market Summary for Monday April 15, 2013 | Gold Collapse of 2013
SP 500 E-mini Future
GC Daily zoom
The bond market was business as usual throughout most of today’s session while the equity market and commodity markets continued to slide. Business in front and party in back?
The bonds seemed to have priced in the equity pullback from record highs of mid last week so the 2.5% drop in the ES is not as alarming as the near 20% drop in Silver and 15% drop in gold the last 2 sessions.
In my opinion the level which GC broke to ultimately triggering this move was 1537.60 on friday.
Currently gold is down 28 points or 2% @ 1333.23 after 1355 2 hours ago, 1320 is now the line in sand before likely 1300 gets tagged with a brand of a 240 point drop in essentially 48 hours, excluding the weekend. Electronic markets. do this. notice most of this drop was off the floor volume anyway..
Want the TFP Morning Letter delivered to your inbox by 9 am ET? Subscribe Here.