This week is very dependent on the FOMC meeting which will be announced at 2:15pm on Wednesday. Also coming up are Japan trade data on Wednesday and Chinese manufacturing activity on Thursday. The markets have been very news driven lately so watch for this news.
There are no major Astros or transits until Friday. I'm still expecting all hell to break out sometime between Sept 23 and Sept 30 with an emphasis on Sept 27,28 (see previous posts).
I was also expecting Oil Gold and Silver to start moving lower and that may have started. If you are holding longs after Thursday be very careful.
Sometimes the Astros don't work out as planned. What I'm seeing maybe some other type of world event happening in that time frame. Anyway, we don't have long to wait.
I have sizeable long Gold positions from earlier. Do you think gold can get hurt after Thursday? It usually fares pretty well in times of financial turmoil or (economical) bad news...
ReplyDeleteVery difficult to call a top for anything in a blow off top like Gold is in. If you can believe the press, Central Banks are now net buyers of Gold. Just keep in mind in a dramatic stock market pull back, when there are margin calls, people sell what they can (i.e. sell what still has value).
ReplyDeleteCertainly you're right.
ReplyDeleteBut just recall the August US downgrade where stocks were plummeting while Gold was soaring (and has been ever since...)
Taking your advice, though, I've re-allocated some extra funds to prevent any forced liquidation of my long Gold positions.
Caution never hurts...
Thanks for the reminder.
P.S. I'm planning to close my Gold trades around $2000. I'm positive it can be reached within a reasonable time frame.
You were absolutely right.
ReplyDeleteI wouldn't have thought Gold could implode so hard...
Astro beat common sense again. Lol.