PRECIOUS-Gold dives to lowest since July on Fed, hedge fund talk

Guys:
Reuters saying that a big hedge fund was forced to liquidate holdings bringing down the commodities complex.
the FEd talking : "hey we are not going to print more money . maybe not. we will talk about that in March" > scaring dollar shorts all around the globe.
Get ready to load the truck soon, because the time will come.
I want to see the 1500 support working again.

the article now:

* Talk of hedge fund liquidation hits markets
    * Silver, platinum group metals decline sharply
    * Fed may need to halt QE3 before jobs recovery-minutes
    * Coming up: U.S. weekly initial jobless claims Thursday

 (New throughout, updates prices and market activity, adds
graphic link)
    By Frank Tang
    NEW YORK, Feb 20 (Reuters) - Gold tumbled 2.5 percent on
Wednesday to its lowest price since July after minutes of the
Federal Reserve's meeting last month showed the U.S. central
bank may have to slow or stop buying assets before a pick-up in
the job market.
    Silver and platinum group metals also dropped sharply.
    (Graphic: link.reuters.com/jej26t)
    Before the Fed released its minutes, bullion was already
down sharply as rumors swirled that a large commodity hedge fund
had been forced to liquidate its holdings, which triggered a
broad sell-off in industrial commodities led by crude oil. 
    Selling accelerated after bullion slipped below two key
resistances at $1,600 and $1,575 an ounce. It completed a
bearish technical formation known as a "death cross", when its
50-day moving average broke below its 200-day moving average.
 
    "It's clear the funds are not coming in to support the
market, and I don't see any physical interest either. There has
been a clear rotation out of gold and other commodities into
equities," said Bill O'Neill, partner of commodities investment
firm LOGIC Advisors.
    Spot gold was down 2.5 percent to $1,564.05 an ounce
by 4:17 p.m. EST (2117 GMT), having hit $1,558.24, its lowest
since July 12.
    U.S. gold futures for April delivery settled down
$26.20 at $1,578 an ounce, with trading volume about 50 percent
above its 250-day average, preliminary Reuters data showed.
    The Federal Open Market Committee minutes said current U.S. 
economic conditions might lead the policy-setting committee "to
taper or end its purchases before it judged that a substantial
improvement in the outlook for the labor market had occurred" . 

more:

http://www.reuters.com/article/2013/02/20/markets-precious-idUSL4N0BK36D20130220