Norcini also discussed a key level which “... is where you will really see the shorts panic.” But first,
here is what he had to say about the recent action in gold: “The move in
gold we have been seeing was precipitated by an article which indicated the Fed
was going to move in August, instead of September. Some of the shorts began to
cover yesterday, and as they began driving the prices higher they tripped some
key technical levels.”
Sunday, July 29, 2012
Norcini - If This Happens It Will Devastate The Gold Shorts
"Today
acclaimed commodity trader Dan Norcini told King World News, “Once you had the
50 day moving average in gold violated to the upside, then you had a much larger
wave of short covering which began to occur.” Norcini also said, “The momentum
crowd, that was waiting for $1,600 to be breached, then took over and the move
has continued to feed on itself.”
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