Yeah agree.... volumes did not eventuated overnight.... it would have been wonderful if we had finished the week in a high closing above $1221 and $16.78... it would be a welcoming engulfing pattern... End of next week, would be good to see a close of $1235 and $17.40..... First major level that gold and silver must break to start a reverse on this bearish weekly chart are $1250's(1255) and $17.80's(17.81).... I'll post couple of charts over the weekend.... Now time to go out there... the water is beautifully cool.... time for outdoors again Have a great weekend all Trader10
Looking at the Monthly Chart from 1974 to 2014....long term TA's.... It seems that we need to consolidate between $1170s - $1300s to make a good case of another healthy run up..... The question is, how long(months) will / would it take to make that consolidation..... another 24 -36 months ?
Unless we have a MAJOR change.... New Monetary System? War? The Next Deep Recession?... you name it.....
With this "FALSE" sense of good economic news that comes from the US in a weekly basis, we could see some of our "dearest" friends from SCOTIA come out to play soon..... Get your "change" ready for a possible top it up.....
It's just a cautious reaction to the upcoming FED meeting this week. S&P500 down, the DOW has lost nearly $1000 over the last 7 days.
Based on the chart - maybe another 20 years? I'm long PM so a 20-30 timeframe is fine for me. Hopefully inflation won't have eaten away all the value of the dollar(s) by then....
When we wake it will be to either a good or a bad surprise, that is of course in the paper gold market. FED minutes due in 5 1/2 hours.
It was all about wording. They used the term 'considerable time' last meeting regarding when they will raise rates. This time they said they have to be patient when it comes to raising rates. Wall street looks to the FED for hope, to try to interpret what the FED thinks. Word games. But wall street gained overnight as they interpreted that nothing has changed. The FED replaced 'considerable time' with 'patience' and stocks advance. Imagine siphoning positivity from that. It looks like the target of rates being raised in June next year has just been pushed back till end of 2015, and come middle 2015 I am sure it will be pushed back further to early 2016 and so on an so forth. Good news for gold. "The game has really changed in terms of inflation," Jeff Kravetz, the Phoenix-based regional investment director at US Bank's Private Client Reserve, said by phone. "There's heightened uncertainty in international markets. The drop in oil prices has kept the lid on inflation. The Fed has to wait to see how these two factors play out. That's why they retained dovish language."
Clearing $1200 usd ain't nothing that's for sure. If the aussie gives back the cent it gained were already there without a price rise.
$1250 is the number were all looking for but you can't complain closing strong over $1200. Interesting to see how the US earnings reports pan out, lots of people saying that stocks are already overvalued and crying supported by cheap money. High PE will either kick the market in the nuts or force the feds hand to keep rates down and pour some more stimulus gas on the fire, either way gold gets a boost. Exec good results will probably have people worried that rates will rise. Only some truly average and unexciting status quo results could keep gold moving sideways so we'll know a little more soon.
