from Gold Core:
Gold has come under pressure from heavy liquidation by hedge funds and banks on the COMEX this week. The unusual and often ‘not for profit’ nature of the selling, at the same time every day this week, has again led to suspicions of market manipulation.
Short sellers, technical and momentum traders have the upper hand and are pressing their advantage with momentum and sentiment on their side. Nervous longs are being stopped out through stop loss orders and concerns regarding the clear downward short term trend.
Gold market sentiment is the most negative that we have seen in recent years. The ratio of sell orders to buy orders was the highest it has ever been in recent days. Yesterday, for the first time ever we had all sell orders for gold and silver coins, bars and certificates and not one buy order.