Smart money with large positions sells when it can, Not when it has to. And it seems to have happened just now.
To quote one London trader:
"Profit taking by a large fund like a Soros who needed liquidity to exit. This doesn't mean anything one way or another about Comey's testimony. But it does mean that the profits this player had were too great to risk a surprise event like the testimony."
Someone Just Dumped $4 Billion Of Gold Futures Ahead Of Comey Testimony
via Zerohedge:
Just minutes ahead of James Comey's testimony that many hope will lead to Trump impeachment, it appears someone decided it was an opportune time to dump $4 billion notional gold futures, seemingly confident this will not be a "constitutional crisis."
Over 30,000 contracts suddenly flushed ahead of Comey...
Meanwhile, Gold will likely drop in a few days if it doesn't today. The past tells us that when big money gets out, lemmings follow.
Read more by Soren K.Group
