I think the bottom is in @ 1122.
US inflation data is out on the 18th of this month. I expect this to increase with negative real rates which is good for gold. I also expect gold to rise on anticipation of this.
Another big factor is Trump's inauguration date on the 20th of January. Since the US equity market has rallied since the election this could possible be a sell the news scenario, which again would be good for gold, as gold is bought as a safe haven. Investors might book profits in stocks and buy gold.
Do your own research. trade safe.
Good luck.
US inflation data is out on the 18th of this month. I expect this to increase with negative real rates which is good for gold. I also expect gold to rise on anticipation of this.
Another big factor is Trump's inauguration date on the 20th of January. Since the US equity market has rallied since the election this could possible be a sell the news scenario, which again would be good for gold, as gold is bought as a safe haven. Investors might book profits in stocks and buy gold.
Do your own research. trade safe.
Good luck.
Comment:
Comment:
Obama's inauguration date. 20th of Jan, 2009. Gold green for the dat with a 43 dollar range as above in the chart.
Might be relative, we will have to wait and see.
Might be relative, we will have to wait and see.
Trade active
Trade closed manually:
I close one long at 1211 & the other at 1217.
I was expecting a larger pullback which didn't happen. I am currently looking for another long entry point, hopefully around the 1208 area. SL around 1195
Mnuchin & Trump both want a weak dollar. We will have to see how this play out.
Yellen will talk the dollar up, trump will talk it down.
I see three possible scenarios:
Trump delivers, strong economy with weak dollar (rewriting economics) - possibly good for gold
Trump delivers, strong economy with strong dollar -
Trump fails, weak economy, weak dollar - possibly good for gold
I was expecting a larger pullback which didn't happen. I am currently looking for another long entry point, hopefully around the 1208 area. SL around 1195
Mnuchin & Trump both want a weak dollar. We will have to see how this play out.
Yellen will talk the dollar up, trump will talk it down.
I see three possible scenarios:
Trump delivers, strong economy with weak dollar (rewriting economics) - possibly good for gold
Trump delivers, strong economy with strong dollar -
Trump fails, weak economy, weak dollar - possibly good for gold
The pullback on the chart with the down arrow has already happened so I see this going higher next week once 1205 is broke.
Support is 1175.
Good luck.