GC 1 Minute Chart

GC 1 Minute Chart

There was another flash crash in gold futures this morning. I don't have much to say about it other than it's the usual chicanery, someone dumped 12,000 contracts at market and the market quickly recovered within 30 seconds. Another sign of a completely broken futures market...

A spokesman for the CME group, which runs the COMEX gold futures market, said the trading was normal, to which Adam Button at ForexLive responded:

"I’m not really sure how the CME can make a blanket statement like that. I can guarantee it’s a ‘mistake’ because selling slowly would have gotten a much better price for whoever was dumping gold futures."

Source: http://www.forexlive.com/blog/2014/01/06/cme-large-trade-in-gold-wasnt-a-mistake/