"...gold counter-attacked..."In the three trading days since Feb. 5, it reversed and stormed upward by $U.S. 32.50, closing (spot future basis) on Friday, Feb.8 $918.40 ... the gold price fell below both 10 and 20-day moving averages this week only to turn right around and move above them again by the end of the week. The shorter term moving average remains above its longer term counterpart."
Why? Close observers of gold futures' noted that "open interest"...rose as gold was going down and fell (sharply) as it recovered. This suggests short sellers being routed."