Gold has traded somewhat sideways over the past little while in the 1486-1510 range, but more shockingly, the miners have been extremely oversold and beaten down. While Gold and Silver will remain under pressure until the Fed speaks, this entire current spectrum where Gold/Silver has retraced to represents an excellent value zone as by the time Christmas comes, we will never see these values again and not even close to where they are now.
I have said it many times before, but people have completely misunderstood the reason why Gold/Silver have risen in the first place. No, it has nothing to do with trade, but is as a result of insurmountable national debt, an impending global currency crisis and an impending global recession. When this overbought general market (Dow, SP, Nas) starts to drop and monetary easing happens more and more, traders will ultimately start moving into Gold and Silver in a hurry.
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Remember....People seem to forget the run from 2011 rolled over from 1569 to 1470 before an eventual parabolic move a month later.
For those who are risk averse should remain calm until Gold drops below 1480.
Long-term, the key fundamentals and technicals remain well in-tact. The bottom-line is moving through all this current "noise" until we get there.
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- zSplit
I have said it many times before, but people have completely misunderstood the reason why Gold/Silver have risen in the first place. No, it has nothing to do with trade, but is as a result of insurmountable national debt, an impending global currency crisis and an impending global recession. When this overbought general market (Dow, SP, Nas) starts to drop and monetary easing happens more and more, traders will ultimately start moving into Gold and Silver in a hurry.
--
Remember....People seem to forget the run from 2011 rolled over from 1569 to 1470 before an eventual parabolic move a month later.
For those who are risk averse should remain calm until Gold drops below 1480.
Long-term, the key fundamentals and technicals remain well in-tact. The bottom-line is moving through all this current "noise" until we get there.
--
- zSplit
Comment:
Prediction still holding steady.
Bounced passed 1500 today and up to 1507ish as I suspected.
Powell is expected to cut, therefore our 1500 resistance should transition into a hard support line for the next big drop which should come in the mid to upper 1600s whenever we get there.
If Powell cuts we should see 1540+ very soon.
If Powell doesn't cut (he is suspected to cut though) we could retrace to a deep value zone around 1440-1460 before running slowly forward.
Bounced passed 1500 today and up to 1507ish as I suspected.
Powell is expected to cut, therefore our 1500 resistance should transition into a hard support line for the next big drop which should come in the mid to upper 1600s whenever we get there.
If Powell cuts we should see 1540+ very soon.
If Powell doesn't cut (he is suspected to cut though) we could retrace to a deep value zone around 1440-1460 before running slowly forward.
Wait and see.