from Daily Reckoning.com:
Well there you go. Gold made the move we’ve been waiting for last night. It went down, falling about US$30 an ounce from the previous session. The reason given for the fall was stronger than expected US data — durable goods orders and consumer confidence readings improved — and an easing of tensions in Ukraine.
This was just the excuse the market needed to break lower. It had been trading in an increasingly tighter range these past few weeks and the pressure was building. It only required a few marginal data releases to push it either way.
That they all seemed to arrive on the same day was just what the bears were after. The bulls capitulated. When the selling took prices down to US$1,275 (previous support) it triggered a whole bunch of stop-loss selling, which pushed prices down further. It was also options expiration day for the June contract, which added to the volatility.
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