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Granted, I should have been paying more attention to the scheduled “virtual” FED Jackson Hole conference but pretty much forgot about it this year, since like most everything else, it’s not occurring in the usual format. I bring it up because the charts seem to be showing Thurs. as the likely bottom for this gold and silver correction. Supposedly, the FED is going to announce more aggressive measures(tolerance) for higher inflation. If so, shouldn’t the metals begin the next leg higher? I normaly wouldn’t think it could be that easy but the CHARTS say it could very well be.
You’re right the first time…. No it’s not that easy.
Trading on widely anticipated news events is a fools errand. The market of course knows this already, it’s in the price. Best I can say is trade what one sees.
Great timing Plunger, I was just about to add this when your comment came in. This is what I SEE! I love charts and Symmetry. Just took another look at gold chart in Fully’s post and something else jumped out at me! Gold rallied for 15 straight up days. Thurs is 15 days for the correction!
We’ll see, but I wouldn’t be shocked if we continue to head lower. And even if gold just continues its rocket higher post Jackson Hole, at some point it is going to have to pause for a year or more to let the MAs catch up or alternatively suffer a huge correction (15% or more).
This isn’t chess. Let’s take One move at a time. I trimmed (correctly) at the top. I called entry points to the day, months ago, I probably(unless something dramatic changes between now and Thurs.) will be loading up again. Like you said. We will see. I don’t project months and years out. One top or bottom at a time.