As I mentioned in the previous market summary post I think the money is starting to flow out for a few days from the stocks and maybe from oil. If investors are not buying stocks nor the dollar then money starts to flow into gold for 2-3 days. This is exactly what I'm waiting for.
Today the FED minutes might show that the FED is not so sure about any rate hike this year. In this case we have a little pop in the stocks but by the end of the day investors will sell it off as they afraid of an overbought stock market and the weakness of the economy as the FED is not so sure regarding the rate hike. That also not very good for the dollar. But this would push up gold to its cycle high by the end of this week.
Technically I can see a bull flag in the EurUsd and a bear flag in DXY which could break out today afternoon after the minutes. These kind of EurUsd rallies are usually lasting for minimum 2 days. So I think it's not over yet . We have one more pop in the EurUsd and one more drop in the dollar.
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we are very close to the apex it can break anytime from now.
Comments
lbg01
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Yes!, great work!
Thanks a lot!!
mlwinter
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brilliant work as always!
dchua1969
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hi,
very nice charts. can someone advise how do i put the two different charts or same chart with 2 different time frame side by side ? is this a paid service?thanks
A-shot
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Probably one of the best charts as i think. Great job!
Hightower
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Great work - thanks for sharing. The magic of decoupling USD/Gold in -play now. C'mon 1352 gold give in! :)
kidbroge
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Last month's close for July was 1349. I'm looking at that level. I noticed in the monthly charts we haven't had 3 consecutive up months since 2012.
pbartashevich
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Need to see how day is finished. If stocks sell off at the end of the session I would say that would be the end for gold.
pbartashevich
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Gold mining stocks point that it will go down big time. I think we are looking at double top and we will go down to ICL in GDX. Fed is bringing rate hike back to the table.
PF7
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Gents, what's happening. Gold is going down.
Fib_Predictor
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Gold is already too pumped up, there aren't enough buyers and traders are expecting a retreat -trying to avoid a risk-, FED is incredibly manipulative and there isn't enough volume to keep it held over 1349. I foresee it will stay around these prices for a little while more and then start falling.
Thanks a lot!!