Yesterday I was one of the very few people on TradingView to put out there the likely presence of a 1504 consolidation Pre-Fed, with a breakout to 1524 at-least. Today we consolidated at 1504 Pre-Fed with a finish near 1528. I suspected we would face an increasing geopolitical trade war with USA-China sometime soon and that would only amplify and augment the neutrality of the Fed statement I predicted again, for today.
While Powell was neutral-ish as he originally was Pre-July cut, I suspect the trade war will continue to escalate and economic data will continue to slowly falter - particularly Manufacturing. This will lead to continued rate cuts (including in September) and likely a confirmation of quantitative easing (also in September). This will only allow for Gold and Silver to soar to the record highs in-time that I have been hyping for several months.
We can expect a bear market soon (in the general markets), with a few "fake-algo-bull" bounces off key retracement values to trick the average investor(s) - into an eventual global recession in 2020. Whether the recession occurs in Q1, Q2 or Q3 of 2020, it will ultimately be dictated by the trade war escalation.
My near-term Gold target is 1534 then down very slightly to 1528. Once we top 1534 we will break to the upside rather quickly (in general) to 1580. There is a possible slight correction from 1580, however, I am not confirming this yet and kindly request people to check back with my ideas in the near future as it may or may not occur at all.
Like I have said several times for Gold /Silver: stay long and stay patient!
Here are the timings:
- 1528 normal market close (Friday)
- 1526 post market close (Friday)
- Quick and very brief down on Monday to 1523-1525. Targeting 1540-1550 before end of Monday
- Near labour day 1580
- Possible retracement from 1580 to 1545 however given trade escalation I must analyze deeper as we may go straight to 1600. More info on this later.
If this happens where by US Open we are 1534 or beyond, we will likely close at 1550 at-least on end of Monday. As soon as we breach 1534 we are off to 1580 quickly.
There is some possible retracement from 1580 to 1560-1565, however, once we breach 1600 we will reach 1700 very quickly.
January 1 2020 Target: 1900+
With now the recent combination of everything I have mentioned above, it appears Gold may make a sharp run to 1580 in the very near future.
China has since responded and is "preparing" further escalation.
This week we may very well blast all the way to 1600 and more.
I sure hope people listened to me and didn't short Gold!
1526 (current) --> 1523 (very brief) --> 1585 --> 1569-1574 --> 1600 --> 1700
If we hold this strong signal, 1600 is very possible tomorrow. If we gap a little down to 1534 at US open tomorrow, 1560 is possible.
Is everyone on board now? I have been saying for 3 months Gold and Silver are on the verge of an epic and historic bull run yet 95% of people kept on shorting.
Welcome to a once in a life-time event folks.
Haven’t we heard this BS fake story 50 times already? Well it’s a good way to trigger the algo bots.
Trump is worried the stock market is in melt-down mode and knows of the market tanks he’s out for no second term.
For this reason, people must be very careful in this market as Trump shows he loves illegal stock market manipulation.
My advice is don’t read into these future bounces as they are intended to trap people.
Gold pumped too quick from Sunday’s open and this is likely nothing more than to drive Gold back down a bit for US insiders to buy cheaper. Similarly, to trap the DXY shorts.
Watch the bond market closely as bonds don’t respond as “fakely” as futures to fake news.
Many people on here are using wave analysis back during consolidation which is invalid and incorrect for metallics (and to some extent crypto). That is why barely anyone on this website has predicted Gold correctly with 95% of this website being bearish since 1350.
interested in your comments .it is 1528.41 on my chart.
Trump has pushed it past - 1535 - cancel all old targets --- you reckon it will- top- 1930 this time or later ?
We will definitely get to over 1900 in-time.
is HK english newspaper. you type in that fashion. actually silver is lagging , but i see weak follow up c.f. gold but till up.
was hoping for up and surpassing gold ; but seems not so likely.