Loading ...Gold Intermediate Cycle
My charts show the progress of Gold’s current 5-6 month Intermediate Cycle. I think is is too early in this IC for a Top, so I expect that my Blue IC Uptrend support line will hold. Gold options expiry is tomorrow and the FMOC on Wednesday and my expectations are that these two events will be the catalyst for the move out of this current short term Trading Cycle Low.
Great Work
Nobody watches these cycles like Surf City
Amen to that. In the last bear years, FOMC dates usually drive down PM. However, resilience is seen today’s price action that 2015 top indeed turned support since May doubled tops then doubled bottom from 137x. This resilient signals a consolidated bull ready to rally on…. hopefully turning 2014 high into support.
The next FOMC is Sept 20-21 then Nov 1-2 just before election. Many reports have reduced possibility of rate increase this week and for rest of 2016 which adds courage to this new bull. Moreover few reports have suggest another QE possibility. Whatever it is, few real threats are identifiable over the election horizon. The longest bull analog before a real correction had been something like 13+ months cycle. This month seems wanting to equate the same time….1+1+2+3+5=12. 20 months from last Jan would get our hopes too far.
Chinese new year is January 28 follow by FOMC on 31-Feb 1. Several SXs will shut down this week; seems a good time to make the market or sell down just when the other half of the earth breaks 5-15 days.
Gold is moving back up. May be it wants to test the Blue Fork C on my chart…looks like B fork median line is holding for now…FOMC may trigger the metals to go higher…My other thought is that on miners want to test the weekly gap again to see if they can break through…lets watch
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=10&dy=0&id=p56473981223&a=464198909&listNum=15
http://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=3&mn=4&dy=0&id=p85966070055&a=461424589&listNum=15