By: Nigam Arora
After a brief retracement, gold was in a strong rally mode. Gold gurus were issuing buy signals based on technical analysis and their followers were buying in full force. Seeing the momentum to the upside, the momo crowd was aggressively jumping into gold. All of a sudden, gold fell $20. Initially the gurus were at a loss as to what happened. Even a major news wire that a lot of media depends on wrote that they did not have a clue what happened.
As the time passed, media and gurus are embracing a theory that the reason for the fall may have been a fast finger mistake. In my view, it is likely that it was not a mistake but a decision based on fundamental news.
By: Nigam Arora
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