Gold sure hasn’t liked the Blood Moon Lunar Eclipse very much!
The yellow metal started a nose-dive at exactly the time that the Sun and Moon lined up for the spectacular lunar eclipse about 24 hours ago, sending a lot of bullish traders looking for the exits.
The price has briefly dipped well below the 1300 mark a couple of times since then, adding to the jitters on the trading floor. Right now the latest tick for the June contract on the COMEX is at 1299.80, but the 1300 price zone still seems magnetic enough to hold up as support.
We’ll see what happens as the trading unfolds later today and for the remainder of this trading week– a big move below that 1300 level could signal much more bearishness ahead.
Most importantly, though, Gold’s reaction here is a reminder of just how powerful the impact of eclipses can be.
And if you think this lunar eclipse effect is worth watching, just wait until you see the big solar eclipse in a couple of weeks!
By the way, the new monograph on The Solar Eclipse of April 2014: Its Impact on the Markets includes a section on Gold and Silver, as well as other commodities, currencies, and financial markets.
It takes a look at the eclipse astrology impacting the chart for London Gold as well as the one for COMEX Gold.
You’ll definitely want to read that section right away if you haven’t done so already– I think the forecast there will excite you, especially in the light of Gold’s reaction to the Blood Moon Eclipse!