What triggered today's sell off in Gold at about 10h45 EST?

Quote from abattia:

What triggered today's sell off in Gold at about 10h45 EST?
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All precious metals have been up in expectation QE2; those who made profit want to avoid the uncertainty of the QE2 news of 2:15pm.
 
Quote from DT-waw:
more sellers than buyers :D
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Thanks, I always get that confused. Really helpful.
It's like "Buy Low, Sell High" ... or is it the other way around? I can never remember... Thanks anyway.
 
Quote from adadadog:

All precious metals have been up in expectation QE2; those who made profit want to avoid the uncertainty of the QE2 news of 2:15pm.
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Agreed. Look at the daily ATR of gold nothing unreasonable on FOMC day with history changing FED statements to be possibly made.
 
I don't trade in gold at all but maybe it's because the USD ISM Non-Manufacturing Composite was better than expected, and the USD Factory Orders were better than expected, which made the dollar rally, which caused gold to drop in value. Just a guess...

If true though, be careful of FOMC coming up in a couple hours :)
 
Quote from abattia:

Thanks, I always get that confused. Really helpful.
It's like "Buy Low, Sell High" ... or is it the other way around? I can never remember... Thanks anyway.
More...

If you look at the way 90% of the ETers trade, its the other way around. :) The other 10% are buy low, get stop-lossed lower.
 
Could be just a stop run. Bullish sentiment, break above recent consolidation a few days ago draws in longs, a super narrow range/inside day yesterday... Left lots of sell stops below the 2 day low.
 
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