InTheMoney Stocks

GDX and GLD Resistance Ahead Of FOMC Meeting

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This morning, everything gold             is trading higher on the trading session. The popular SPDR Gold Shares             ( GLD             ) are trading higher by 0.64 cents to $131.13 a share. Meanwhile, the Market Vectors Gold Miners ETF             ( GDX             ) is trading higher by 0.39 cents to $26.71 a share. These moves in gold             and the gold             mining stocks are taking place ahead of the highly anticipated Federal Open Market Committee ( FOMC ) meeting which starts tomorrow. The central bank is holding a two day meeting which will conclude on Wednesday afternoon. The move in gold             is telling us that the Federal Reserve will likely leave its current $85 billion a month quantitative easing program unchanged. Since April 2013 the Federal Reserve has hinted about a cut in the easy money program, but has never once cut the program.

Day traders should watch for intra-day resistance on the GLD             around the $131.75 level. The GDX             should have some intra-day resistance around the $27.00 area. Traders should also watch the USD/JPY             chart very closely as gold             will usually trade inverse to that currency pair.

Nicholas Santiago
That's great to see you here Nick, I was trained by you and Gareth. They even have a Bitcoin chart here.
Price action looks like a bear flag is being build
BM, the price action is looking more like minor bearish consolidation right now. Not a flag yet, however. Dunster, thanks for the comment. Nice to see you here as well! Cheers
WallStScalper PRO InTheMoney Stocks
3 years ago
Hi Nick! With to days price action... I guess we're in sync now. I see a countable 5 waves structure down making a long legged doji - to at least a short term support (You have used a 15 min chart) area with a possible bounce up tomorrow.
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