Loading ...Gold price action tonite
Is anyone noticing the unusual price action in gold tonite? Might be a reaction/anticipation of Fed dovishness tomorrow…closed door meeting with fed govs, then closed door session with Yellen, Obama and Biden. Nothing good can come from this. Not chartable, but such silliness can trigger market moves. Gold holds these gains and we are free of the $1240 ceiling…
Very bullish action. Let’s see if gold holds above $1250 overnight.
Uh-oh…
Gold is up due to USD/JPY crashing and therefore Yen rising. BOJ is quite for now.
As long as usd/jpy is crashing gold will rise. Perhaps that is the reason Yellen is meeting tomorrow to talk about Yen.
Maybe BOJ revolted and let Yen appreciate aka currency wars by jim rickards. BOJ being quite and not intervening is odd.
Japan needs Yen to be weak for exports. They export everything cars, electronics etc. High yen to usd yen/usd will crush their economy so they will intervene. What’s odd that they haven’t yet. When yen bottom gold will top and this will reverse.
Perhaps that is why smart money aka commercials are short 207k contracts
https://www.tradingview.com/chart/GC1!/M1kUi1jK-Gold-s-COT-remain-in-bearish-mode/
Clive? 30,000 coffins?
Nice Picture …Beautiful Place
Thanks, Fully – up in the Glacier National Park mountains, on the way to Grinnell Glacier.
How appropriate, dark clouds on the horizon with feet firmly planted on (or near) a yellow rock :).
Good eyes, YYZ 😀