Loading ...USD Gold and Miner Cycles
I am still somewhat cautious here but the move in the USD and the PM Complex makes me wonder if the 5-6 month Intermediate Cycle Low is not over a bit early here similar to the 2009 Fractal (see 2nd chart in attached link). Seems the USD was rejected at the 200ma when the Fed failed to raise rates as expected. Perhaps we will get Norvast’s shortened Gold ICL after all (similar to his 2009 Echo year)?
https://goldtadise.com/?p=380914
I just don’t see what will turn the USD back up here. More “jawboning” by Fed members? The market fell for that last time but I can’t believe it would continue to work as they have zero credibility as it seems to be that all they can do is talk about raising rates. My Gold chart shows price would need to move above 1350 to confirm a new Intermediate Cycle.
Miners and Silver charts are also bullish with GDX breaking my IC Downtrend line.
Jobless claims 8:30AM ET is happening tomorrow but I am not as worried as FOMC/BOJ announcements today.
Appreciate the charts.
I’m bullish both the dollar and gold here. A great set up for miners too. I’ve said that a few times before but tend to get crickets just after posting it.