Though I may be somewhat premature, there's no denying that the FED and economic policy is to continue to be accommodative, I am back in at $6.45. All that happened here is that the market dislikes uncertainty and that is exactly what it got when Trump called off stimulus negotiations to focus on supreme court nominee. With that out of the way, we might see more consolidation down to 1877, but everything is now on the table and gold looks good right here for me to long. I'm thinking the bottom may be in but I guess we shalll see soon enough. Just my observation, trade your own plan
Trade active:
Potential $8.51 target end of December.
Add the two trillion dollar stimulus package on the table to the existing 3 trillion dollar deficit and you know on its face know this is not dollar positive which is why I changed position this am, particularly after the market failed to follow through and re-test the lows when Trump announced an end to stimulus negotiations. Reality struck. Doesn't matter who holds the high office, all you need to know is that whoever wins, economic policy will be good for gold given the amount of stimulus necessary to create some form of inflation and combat persistent deflation, creating a record-high 5 trillion dollar deficit exceeding 15% of GDP and even more stimulus in some form beyond that might be necessary. Just my 2 cents.
Add the two trillion dollar stimulus package on the table to the existing 3 trillion dollar deficit and you know on its face know this is not dollar positive which is why I changed position this am, particularly after the market failed to follow through and re-test the lows when Trump announced an end to stimulus negotiations. Reality struck. Doesn't matter who holds the high office, all you need to know is that whoever wins, economic policy will be good for gold given the amount of stimulus necessary to create some form of inflation and combat persistent deflation, creating a record-high 5 trillion dollar deficit exceeding 15% of GDP and even more stimulus in some form beyond that might be necessary. Just my 2 cents.
Comment:
$6.65 looks to be a good opportunity to add here in my opinion, good luck!