Someone just dumped 1.28 million ounces of gold futures. That’s a 1.5 billion dollar trade (notional).
This seems to suggest:
1) There is still large amounts of liquidity in metals at these levels, as a 1.28 million ounce trade (about 1/54th yearly world production) dumped in after hours (equivalent of 1am New York time) only dropped price about 1%.
2) Professional traders recognizing that if gold doesn’t reclaim $1200 quickly it’s likely to test the $1000 level, so there will be some hedge fund shorts piling on.
3) Overnight momentum is negative, and intraday is positive, which is the reverse of the previous bull run market action (see: http://www.zerohedge.com/news/overnight-longintraday-short-gold-fund-more-doubles-just-over-year-generates-43-annualized-retu).