justatrader

Gold: The rate hike trade is still on. To 1200

FX:XAUUSD   Gold / U.S. Dollar
Today's price action in Gold             will be crucial in setting the stage for the month ahead. Gold             is trading at a critical resistance level of 1300 - 1310. A reversal here, (maybe this week) could see gold             prices falling into December's Fed decision.

First stop for gold             is 1250, followed by 1200.
The more I watch it, the more I think like you. Retail are at extreme bullish sentiment, so they will crush it like it was crushed in may/june and in september/october...
But after it should be quite a big run up.
Must prepare for it...
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justatrader PRO ja.piotr.bor
@ja.piotr.bor, Yes, but its not going be simple as there are more risks. Just yesterday TIPS started to move to the FF target rate, so it took about a day and a half for markets to realize that rate hike will come no matter what.

Come December and you have Italian referendum. My local friends there tell me the mood is for an overwhelming NO. Renzi will stay but the result will be another shot in the arm for France's le Penn. From US, next year will be the year of EU. So with all this uncertainty, gold is likely to push higher.

I expect another wave of buying to push gold back to $1300. Once we get to 1200, gold should be rising back from there on (but too early to be confident about that at this point)

Trump has become quiet post elections and his rather nice speech. But I think its only a matter of time before he slips up and makes another stupid comment that will send markets into a frenzy. We live in very interesting times. Good luck!
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