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7 Jan 2014
The Golden Fat Finger
FXstreet.com (Guatemala) - What do you get when you cross James Bond and the metal exchange? …a Gold ‘Fat’ Finger?
Well, we can’t say for sure that a series of extra numbers, such as ‘007’, were added to the Sell side of an order book with a sleepy-someone’s fat fingers, but the market moved over $30 to the downside this morning and recovered on the charts within the very same moment. There has not been an actual explanation thus far and this has left traders scratching their heads, although the word on the street is indeed that a error occurred on the electronic Comex market. Perhaps it was trader liquidation or even price manipulation, but which ever the reason, stops were taken out and all trades stand – sorry for those who missed the buying opportunity and even more so for those who have still yet to return to their trading accounts and are yet to see their stop was triggered some $30 below by a move that returned within the very same minute. Perhaps the regime around regulations requires an overlook and this will not be the last we hear of todays move. Spot is currently $1,237.42 offering a low on the day of $1,214.89.
AU awaits US data
Meanwhile, and within normal price action, from the rest of this week, the metal is going to be subject to key US data and releases and Bernanke’s FOMC. Anything pointing towards a strengthening US economy could threaten the markets apatite for investing into gold further.
Well, we can’t say for sure that a series of extra numbers, such as ‘007’, were added to the Sell side of an order book with a sleepy-someone’s fat fingers, but the market moved over $30 to the downside this morning and recovered on the charts within the very same moment. There has not been an actual explanation thus far and this has left traders scratching their heads, although the word on the street is indeed that a error occurred on the electronic Comex market. Perhaps it was trader liquidation or even price manipulation, but which ever the reason, stops were taken out and all trades stand – sorry for those who missed the buying opportunity and even more so for those who have still yet to return to their trading accounts and are yet to see their stop was triggered some $30 below by a move that returned within the very same minute. Perhaps the regime around regulations requires an overlook and this will not be the last we hear of todays move. Spot is currently $1,237.42 offering a low on the day of $1,214.89.
AU awaits US data
Meanwhile, and within normal price action, from the rest of this week, the metal is going to be subject to key US data and releases and Bernanke’s FOMC. Anything pointing towards a strengthening US economy could threaten the markets apatite for investing into gold further.