Nine days. That's what we needed in gold during the first part of the year to print 3 powerful rallies. (Green rectangles) I think the same thing is happening right now. Oil has entered into a steep decline. We might heading down into the DCL. The elections are coming in 8 days and one of the nominees is might getting accused by the FBI. If that happens that will not be positive for the stocks exchange and the dollar... I cannot imagine a better scenario for gold than pre-election chaos with falling stocks plus falling oil with the weakening dollar... Until the US election gold might print this year's most powerful rally in 9 days.
Last Friday We need to talk a few words about last Friday. (Pls see the 15 min chart below) We had a really good US GDP data. ( Maybe too good... :Real gross domestic product increased at an annual rate of 2.9 percent in the third quarter of 2016 ) What else can we wait at the end of Obama's presidency than a very good GDP data? But the dollar couldn't rally more on the fantastic near 3% GDP number. In the next 10 minutes after the news it bounced and continued its decline. The same happened to gold : a breakdown and a buyback after the first 10 minutes . The unlimited seller was back again and he made a mistake: he was trying to suppress gold against the weakening dollar. He left his fingerprint on the chart. This was the sign that he was working hard... But when the FBI news came out it stopped the selling immediately. From that point this unlimited player was out of the game. On Friday and today gold and dollar was traded inversely I haven't seen any sign of price control. This makes our predictions easier...
Indicators We are above the 10 EMA and the 200 EMA. Also last week Friday we regained the 200 SMA and today we are not just closing above the 200 SMA but closing at a higher daily high.
I think in the next few days gold will be driven by the weakening dollar and falling stocks. As money flowing out of SM , oil and dollar it will find its way into precious metals.
It's time for our 50-100$ pop.
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We've just broke the "FBI high" ...
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I was referring to Friday's hourly chart but it was not posted somehow. I posted it again:
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Above
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So just as I said a week ago no lower low will be in gold. I think I posted the maximum number of posts at the bottom. At least the haters cannot post that I abandoned my gold posts.
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Day 5. Printed a 40$ rally till today.
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Day 6 was on Friday. 3 more days till the top. So we are going to peek on Wednesday : it's the day after the elections.
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Nightstar
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I'm not a big fan of Trump but would like to see him elected just to upset the US political system, which in my opinion continues to rot from the inside out :/
USSRandolph
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I would not like to see Trump elected. I agree that he would upset the political system but not likely in a positive way. Yes, Ms Clinton has a lot of controversy surrounding her, but what she has going for her is that she is familiar with government and would know how to make things work and get things done. There are many concerns I have about Trump that I won't reiterate here, but I agree that he would be good for gold. That's all re politics since this isn't a political forum. Happy trading!
investment6300
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I am sorry ! Clinton has f..cked every project she has been on (people that left in top positions have confirmed that while she does not know a C on a email as confidential) , she has no clue security not even mentioning emails but publicly says mentions US president response time on national TV, which is top secret. She just does the bid for the highest player the Clintons has many funds never audited funded from world criminals to terrorists. She has been protected. She has not proven as one of the most corrupt. Haiti funds they set up of millions they did not even pass 2% on, (how scrupulous can you be) Go search all investigations on her while Bill was president. She is out to make was has no value for lif where she was involved and the find how many people are dying. Go take an objective look at all the smoke signals of that family, illegal firearm trade to drugs..google!
shawn.ctech
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My man, you are just a tad early again. I love your work, your ideas actually make me a much better trader but i would advise on paying a little more attention to macros then your work would be flawless. 1) GDP data was actually not as good as it seemed thats why Dollar did not rally. Believe it or not the actual GDP was at 1.9%. 1% of the data came from a massive export of "SOY BEANS" to south America. Yes, Soy Beans. You can actually look at the data on Bloomberg terminal. 2) Gold and Silver will make one final dip before the CPI data which is released mid Nov. then it will advance until next year. The Gold and Silver run would be massive like 1970 style. This is the commodity cycle, Dollar is on its last legs. Appreciate your work. BTW "THERE WILL BE NO HIKE IN DECEMBER"
MMadryga
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Another .6% was inventory so terrible GDP data.
USSRandolph
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Well, GDP wasn't as it seemed. Thanks for the insightful info. Makes me wish I knew more and motivates me to learn. Where exactly on Bloomberg? Thanks again.
chartwatchers
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Bloomberg terminal. You wil not find it. Shawn works for a bank or broker most probably.