GOLD - Do you hafe a FEW Minutes?
After the FED Minutes I always take a look at this chart.
(FED = FOMC meeting/ FEDM = FED Minutes. The numbers below the arrows are the dates of FED and FEDM)
In the past the previous trend always had a follow through after the FED minutes. It seems the same is happening now.
Gold's trend is usually turning at or ahead of the FOMC meeting.
The next FOMC meeting is on the 26th July. If I'm right the trend will be reversing before the FOMC meeting.
I know many cycle analysts you follow are calling for one more daily cycle. The reason is the last intermediate cycle with the elections.
There was one more daily cycle before the final intermediate bottom. In the next idea I will explain why I don't think this is the case now. It seems now that stocks want to break to new highs again and the dollar really don't want to roll over. How will we have one more pop with the rallying stocks and dollar?
The last bear flag tested back the 200 SMA. And yesterday we broke below the previous DCL.
It's a possible level where the panic selling starts. All we need is a follow through day on Monday. If we continue the drop on Monday no question the panic selling has started . A bouncing dollar and the rallying stocks ( maybe a new high in the S&P) would support my idea.
Notice that we are below every important moving average. This is how the panic starts.
The bottom could occur on the 18-19th July at 1155-60. Monday is the key...
SHORT FOLLOW THROUGH IDEA
(FED = FOMC meeting/ FEDM = FED Minutes. The numbers below the arrows are the dates of FED and FEDM)
In the past the previous trend always had a follow through after the FED minutes. It seems the same is happening now.
Gold's trend is usually turning at or ahead of the FOMC meeting.
The next FOMC meeting is on the 26th July. If I'm right the trend will be reversing before the FOMC meeting.
I know many cycle analysts you follow are calling for one more daily cycle. The reason is the last intermediate cycle with the elections.
There was one more daily cycle before the final intermediate bottom. In the next idea I will explain why I don't think this is the case now. It seems now that stocks want to break to new highs again and the dollar really don't want to roll over. How will we have one more pop with the rallying stocks and dollar?
The last bear flag tested back the 200 SMA. And yesterday we broke below the previous DCL.
It's a possible level where the panic selling starts. All we need is a follow through day on Monday. If we continue the drop on Monday no question the panic selling has started . A bouncing dollar and the rallying stocks ( maybe a new high in the S&P) would support my idea.
Notice that we are below every important moving average. This is how the panic starts.
The bottom could occur on the 18-19th July at 1155-60. Monday is the key...
SHORT FOLLOW THROUGH IDEA
Comment:
In the panic selling every bounce is used by the bulls to escape from the sinking ship.
