Gold Charting and Gold TA Chat
- Thread starter Azure
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thatguy said:
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 ?
The question is, how long(months) will / would it take to make that consolidation..... another 24 -36 months ?
At today's meeting? Less than zero
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."
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."
$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.
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.