“Yea, you know this is you!”
“Did that 4 days go by quickly or what? … and now, back to the salt mines”.
With everything happening in financial markets, I think last week in gold
might be the most pathetic I’ve ever seen … as I’ve stated previously, we
should be having $15 - $20+ ranges now, not the crap we’re getting, and last
week’s “sleepfest” was about as bad as it gets. Directly below, the visuals for
gold via the 20 Day Range MA’s, along with the 2018 SP500 chart for
comparison.
click to enlarge
click to enlarge
I get the feeling watching the market, that we’re in the eye of the hurricane,
and that the hurricane hits on Wednesday, Dec. 19, 2018, at 2 PM EST, when
the FED meets for the final interest rate decision of 2018 … there are a lot of
scenarios that can play out, to be sure, but a collapsing oil market, plummeting
housing & auto financing markets, world bond markets imploding, and
China’s economy on the “Thelma & Louise” express, should give the clueless
Twits at the FED the “vapors” in tightening further … it remains to be seen, of
course, as never underestimate the complete idiocy & stupidity of the morons
in the faculty lounge to FUBAR everything they touch.
Markets, though, are beginning to price in easing on the back end of the 2019
& 2020 curve, and that spells support for gold going forward … it’s only a
matter of time before 1240+ gets taken out “bigly & yuge”, but I’d be really
surprised if it comes prior to the FED meeting. In any event, something to look
forward to in coming weeks.
Ever since the “dead cat bounce” kept bouncing higher from the recent low,
gold has not seen any real correction lower … Friday’s thin, almost
non-existent volume move lower was the largest so far, but even then, it
moved back up to the 1223 level … this week should be a very good test of
what kind of support gold has, and whether or not it can simply “hang out” in
the mid 1220’s before the FED meeting … we’ll see what Monday brings.
Have a great rest of your Thanksgiving Holiday everybody!!
-vegas
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