Quick clean analysis showing GOLD weekly breaking this years bearish trend line and about to breach the 7 year high/low 38.2% Fibonacci Retracement level.
I don't agree with Yellen, US short-term interest rates are not going to raise and I don't believe the US economy is recovering.
Fourth quarter dollar weakness is imminent! sparking the power of GOLD
USDOLLAR index routinely shares an inverse relationship with commodities, When the dollar weakens against major currencies, prices of commodities - especially GOLD - generally rise.
This is due to the majority of commodities traded in international markets being quoted in USDOLLAR
GOLD and Gold stocks are overdue a big bullish rally after 4 long years of decline.
reality starting to deteriorate the monetary system.
Good Luck and Happy Trading :)
Food for thought .. The US is about 18$ trillion in debt (58,437$ PER US citizen)
..but there is only 1.3$ trillion dollars in circulation. Go figure
Thanks for your insight dude :) I agree however I published as a overview, I will seek my entry throughout next week focusing on micro TF's - However I believe if the ball REALLY gets rolling we could easily see 1400+ before 2016
IvanLabrie
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Nice TL break.
XavierAlexander
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Thank you Ivan :)
IvanLabrie
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I'm working on a dollar adjusted chart, might give extra insights, but I think we will see a big move up asap.
Cheers!
XavierAlexander
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I look forward to your overview :) I am always over cautious with bearish dollar as we've seen previously reversals can be rapid and powerful, however I feel this is all very overdue. Will be a very exciting fourth quarter!