Asian Buying to Fuel Massive Short Squeeze in Gold

With gold and silver strong this summer, today King World News interviewed James Turk.  When asked about the action in gold Turk replied, “Today’s action was very significant Eric as both gold and silver closed above previous resistance points.  In the interview that we did last week, I said $1,640 to $,1650 is the near-term target.  That is the level we should be focusing on, but readers have to remember that option expiry starts tomorrow.  Given the recurring downward price pressure that we normally see during option expiry, the action over the next two days should be watched closely.”

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Turk continues:

 

“If gold cannot be pushed back below $1,600 during option expiry, we should take that to mean that the shorts are losing control.  The consequences of that would be the potential for an upside explosion, which as you know is consistent with what I have been expecting for the gold price this summer.  

 

Here is another interesting development Eric, the support under $1,600 regardless of how you measure it looks solid.  Asian buying has been following the market up since gold went over $1,000.  I was surprised to see how quickly the bids under $1,600 developed.  So my view of market conditions at the moment is that as bullish as I am, even I might be surprised by how quickly gold accelerates from here.

 

As Marc Faber said in his KWN interview, in reality there are very few participants currently in the gold market, but to take his observation a little bit further, when I look at the price action it suggests to me that a lot of this big money on the sidelines wants to be in.  Therefore we are seeing some aggressive bidding on any pullbacks.

 

So tomorrow is shaping up to be an interesting battle between the option sellers and the physical buyers.  Remember to Eric, some of these options sellers have to delta-hedge as the price rises into option expiration, this is where we get the explosion because the sellers will have to buy gold to maintain their hedged position....

more http://kingworldnews.com/

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