Regardless of where your sun rises, when it comes to currency chaos, torturous as ’tis, where else would you rather be? Gold and Silver obviously!
Positions as of 19 September, 2023.
Gold and the miners weathered this week’s latest hawkish FOMC meeting pretty well. Gold only retreated modestly.
The stock market went down 400 points, but gold didn't come unglued. The gold market is only drifting with bearish bias.
Gold is breaking above the major downtrend line connecting 2080.70, 1987.60 and 1953.00, which suggests we will move sharply higher from here!
I'm not convinced we're through with the rate hikes. In the gold market, the pattern is a higher high and a lower low. That's not a set-up you want to do much with.
It’s a big week for gold bugs of the world, with the next FED announcement on Wednesday, the BOE on Thursday, and the BOJ on Friday.
Gold in China is trading at a record premium to international prices, a sign of Beijing’s escalating battle to defend its currency.
The gold market is challenging 1936.80. If the market can close over that, you can say the bias has swung to the upside.
Traders are long in gold and silver before the Federal Reserve meeting tomorrow and bank of Japan meeting on Friday.
