Our Thoughts On The Fed Statement
Here is what Chris Temple has to say about the Fed statement and press conference today.
Ive often thought if the narrative of rate cuts could be the catalyst needed for gold to pierce and hold this strong resisitance area. We will find out by weeks end. A promising move at this stage, but once bitten twice shy as they say…
off topic:
in the most recent round of voting for Conservative party leader i the UK:
Johnson 134 Votes
Hunt 54
Gove 51
Javid 38
Stewart 27 (eliminated)
Next eloimination round tomorrow morning.
Correction: Johnson 143
Gold moving big time after hours…….have not seen this for some time……..
$1365……after hours….London boyz still asleep……
oops up again…$1367 usd
Oops $1367….let her rip……
Dang….$1370
Unbelievable $1373…..
It isn’t London 2 a.m.
Looks like Hong Kong! $1284
Obviously not Hong Kong….Must be New York burning their candles.
Check out the kitco chart……..
OOTB is on the case….
Gold at $1380 right now, above the 2016 high of $1377.50 !!!!!!!!!!!!
Spot at $1383 !!!
Time to celebrate with the bubbly!
https://screencrush.com/442/files/2012/12/the_great_gatsby_trailer.jpg
To the Moon…….really great…..hope it holds…..
8 Reasons A Huge Gold-Mania Is About To Begin
06/19/2019
https://www.zerohedge.com/news/2019-06-19/8-reasons-huge-gold-mania-about-begin
http://didthesystemcollapse.com/
Was $100 difference
Gold dropping a bit, but silver $15.27
I’m showing N.Y. $1384
Rocket Ride………….up…..$31 plus…….
What gives……….
Tape shows high of $1390………..That is >>>>HUGE>>>>>>>>>>>>>>ok, so everyone is in bed….still fun while it lasted……..
Gold to silver ratio……..well past 90….silver stalled and gold took a rocket ride….
Gold hit a 62 month high.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=6&dy=0&id=p45158975905&a=648869421
I said several months ago that I’d be dead wrong about gold if it didn’t break out before the end of the second quarter and here we are with just days to go. It’s not the best call ever but I’ll take it.
good call…….I would say……
Thanks Jerry
+1
Thanks Ex.
The weekly GDX:Gold chart shows that the miners are about to really outperform gold. That 3.5:1 leverage we were talking about is coming soon. 😉
https://stockcharts.com/h-sc/ui?s=GDX%3A%24GOLD&p=W&yr=3&mn=9&dy=0&id=p88074911298
Nice. Looking forward to the miners to play catch up @ 3.5:1.
You’re speaking my language with that one. 🏍
Also at a 5 year high…
Corporations Biggest Net Buyers Of Stocks Since 2014
https://seekingalpha.com/article/4271159-corporations-biggest-net-buyers-stocks-since-2014
Wow, if this price for gold holds, the bugs are gonna be buzzing.
Very pivotal right now.
Congrats to those that stayed long this week!
Buzz buzz……we have been buzzing , where have you been……ha,ha….
Only one birdie today. But what a pleasant surprise long time coming!!!
Dang we beat zero…..with the news…….lol
https://www.zerohedge.com/news/2019-06-19/10y-treasury-yield-plunges-below-200-first-time-nov-2016
Just call us …..Buzz Buzzero Feed……….lol
LOL….. good one…. 🙂
😉
Off Topic: Disgusting China.
On the following live gold chart, it looks like even the 2014 high was exceeded:
https://s.tradingview.com/goldprice/widgetembed/?frameElementId=tradingview_bc0c8&symbol=TVC%3AGOLD&interval=M&hidesidetoolbar=0&symboledit=1&saveimage=1&toolbarbg=f5f5f5&watchlist=TVC%3AGOLD%1FTVC%3ASILVER%1FTVC%3APLATINUM%1FTVC%3APALLADIUM%1FTVC%3AGOLDSILVER%1FTVC%3AUSOIL%1FOANDA%3AEURUSD%1FFX_IDC%3AUSDJPY%1FINDEX%3AHUI%1FINDEX%3AXAU%1FCOINBASE%3ABTCUSD&details=1&studies=%5B%5D&hideideas=1&theme=White&style=1&timezone=America%2FNew_York&hideideasbutton=1&withdateranges=1&studies_overrides=%7B%7D&overrides=%7B%7D&enabled_features=%5B%5D&disabled_features=%5B%5D&locale=en&utm_source=goldprice.org&utm_medium=widget&utm_campaign=chart&utm_term=TVC%3AGOLD
The gold train just left the station and is headed for the Emerald City.
$1500+ and then higher…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=5&dy=0&id=p22584391135&a=543567821
Hate to be pessimistic but im still a little cautious here at the moment. An impressive move nonetheless, I would like to see gold post consecutive higher closes to finish the week at or above the $1360-$1380 resistance region. Then ideally we would see some follow through buying on Monday. Interesting times!
Ozibatla, I concur that it is important to see a price for Gold above the 2016 high of $1377.50 on a closing basis, at least on a daily, but preferably on the weekly candle.
However, after an epic overnight trading session, in under an hour from the open, Gold is still holding onto those overnight gains at $1385.
https://www.bloomberg.com/quote/GC1:COM
A close above $1377.50 (or really a close above $1362 from 2017 or $1369 or 2018) put’s an end to the “lower highs” narrative that some technicians have been trying to use as their bearish case thesis.
This never made any sense as it negated that 2018’s high at $1369 was higher than 2017’s high at $1362. In addition, those “technicians” were counting highs from before Gold bottomed in Dec 2015, which is what marked the start of the new bull market.
It is fairly clear, unless there is a Gold whack at the open, that this is the next impulse leg higher of the bull market in Gold that started in Dec 2015.
The miners took until Jan 19th 2016 to get on the move, so maybe they’ll get the memo soon.
True Ex. Well gold has done what I wanted it to do so far. One more trading day to go for the week. Things looking good so far. Fingers crossed, cautiously
Yes, I’ll join you in a cautious finger-crossing, but there was a solid daily close today over prior peaks, so that is very constructive.
In after hours trading Gold is at $1398 so that is also quite bullish. It looks like it is going to be a solid close to the week.
Did you guys notice that after gold broke out and went into the 1390s, it never pulled back to go below the 2016 high of 1377? It has been about 12 hours yet a $40 overnight (for U.S.) move has not resulted in any significant retracement. This would be unusual even if it had been just a $10 move. I don’t think I’ve ever seen this kind of action before. Gold normally falls into the U.S. open after going up during the night.
If it does soon stumble, I’m still confident about my $1500+ and then higher. The writing is on the wall.
Yes,……….I said earlier,
On June 19, 2019 at 6:20 pm,
OOTB Jerry says:
Tape shows high of $1390………..That is >>>>HUGE>>>>>>>>>>>>>>ok, so everyone is in bed….still fun while it lasted……..
”
🙂
On June 19, 2019 at 5:52 pm,
OOTB Jerry says:
Gold moving big time after hours…….have not seen this for some time……..
Reply to this comment
time for spanky to show up……………lol
The lack of a pullback into this morning’s open is what really stands out. To stay above the important 2016 high on top of that is something else.
I agree……I was just going to confirm….you are spot on….
I got you Jerry, I just had to repeat it 😉
Ex ….did a great job…also, pointing out the $1377 last nite…..
All GREAT INFO>>>>>>Hats off to both you guys…..
WORTH REPEATING>>>>>>I call that a Wake up call…..for the sleepy heads….. 🙂
This date ,,,,,,will surely go down as the turn around notice……better put in in the charts……..JMO
Did someone kidnap all those “cartel” members?? Seems like they are AWOL. . .or maybe readying a surprise counter-attack to slam gold back down when it’s least expected. How can a breakout be at hand when gold is manipulated/suppressed???
Maybe , they are out of toilet paper, and had to use the paper gold……… 🙂
Great thread here and funny as well. You guys are great.
Mr T – great point, where are those cartels of manipulators lately? The must be on strike 😉
Yes, Matthew, I think it is very significant that Gold didn’t get wacked in the pre-market trading, and has held up above the 2016 high of $1377 so far today, but at least the market opened above that level, which is important for forming the daily candle, and at least the wick of the weekly candle. If gold can close here are higher on the week tomorrow, it would be very constructive.
Ex, it will be huge if it closes the week here. Watch the dollar/UUP:
https://stockcharts.com/h-sc/ui?s=UUP&p=W&yr=3&mn=3&dy=22&id=p56179601545&a=615902411
Thanks for that dollar chart Matthew. It looks like UUP has double-topped.
Yes, if the dollar pulls back down some, that will only accelerate this move.
Fwiw, gold is now dealing with monthly Bollinger band resistance (1385-ish). A large melt-up could ensue.
1381 happens to represent a 38.2% Fib retracement of the entire bear market (from 1923 to 1045). So we’ve got some important action going on.
Speaking of manipulation.
JP Morgan has amassed the largest hoard of silver ever known.
Havnt seen it myself but thats the rumor.
JP could be ready to let prices rise as they make big money, or, they could dump it all fast driving the price down.
Personally I think gold continues to rise as long as the states continues being….themselves, if XI or Putin talk sense into them, gold should come down again.
BMO has said as much, but they are part of the evil banksters so believe them as you will I guess.
Gold $1390……..looking goood…….
If, gold blows by $1400……..hold on to your seat……lol
GS ratio……..still………..89.90 to one…..
$1390.70……above last nite’s high……
Interesting…………Owl’s charts are off……….lol
The strength in $Gold so far has been quite impressive.
The yellow metal opened above the 2016 surge high of $1377.50, confirming the next impulse leg higher for the Gold bull market that started after the Dec 2015 low at $1045.40, (and so far has stayed above it without back-testing that level yet).
In addition, Gold is currently above an old prior peak from 2014 at $1392.60.
> I guess DarthFader is on vacation this week. 🙂
Silver; Multi-Year Bull Market Getting Started?
by Chris Kimble | Jun 20, 2019
“This chart looks at Silver since the early 1970s. It has spent the majority of the past 35-years inside of rising channel.”
https://kimblechartingsolutions.com/2019/06/silver-multi-year-bull-market-getting-started/
Per Zerohedge, it sounds like after hours Powell became much more dovish. Must of been the crash in long term yields that got his attention. Ready for the rocket ride this morning. It is going to be fun.
The Canadian dollar blasted right to fork resistance today:
https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=2&dy=0&id=p17341098487&a=637578371
SIL just filled its April 11 gap:
https://stockcharts.com/h-sc/ui?s=SIL&p=D&yr=1&mn=0&dy=9&id=p87747363194&a=644902554
GDX took out its 2018 high:
https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=4&mn=5&dy=0&id=p01523906531&a=670730563
Clive Maund was worried about the shooting star that appeared on the daily chart because he didn’t realize that the weekly chart was in control.
https://www.clivemaund.com/article.php?id=5076
(You can’t see today’s huge gaps in the miners on a weekly chart!)
Great Point………
SLV jumped to fork resistance:
https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=2&dy=0&id=p71239211711&a=649141163
Now we need silver to take the reins from gold. That’s when our miners will really move.
SLV:GLD
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=6&id=p33323985909&a=659297177
UCLE looking ready to break out
When the weekly chart is in charge, we should focus on larger patterns…
GLD:
https://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=3&mn=7&dy=0&id=p79508686846&a=617903125
AG is above the 233 week EMA for the first time in almost a year:
https://stockcharts.com/h-sc/ui?s=AG&p=W&yr=4&mn=2&dy=0&id=p73753307845&a=593668922
Matthew – Regarding your comment about silver outperforming gold above, I believe in 2016 Silver really didn’t get going until about 30 days after gold if my memory serves me correctly. Impact for example looks like it might go sideways until early-mid July. This time it seems Silver might not take that long especially if gold takes off. Thanks for any thoughts (and/or) charts as to when you think it might happen. Of course every silver stock chart is different.
IPT was up significantly by then…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&st=2015-12-01&en=2016-11-30&id=p42097923795
For those who can view a monthly chart, GLD looks great:
https://stockcharts.com/h-sc/ui?s=GLD&p=M&yr=10&mn=11&dy=9&id=p6249956723c&a=637761983
Notice the RSI breakout to a 7 year high.
The great thing about the current setup is that the charts are set up like dominoes with the shorter term ones going first with respect to their bullishness. The weekly has taken the baton from the daily while the monthly is set to take it from the weekly and, finally, the quarterly is setting up to take it from the monthly. The quarterly chart has never looked so promising.
This should all lead to large-scale moves that leave many scratching their heads.
Agreed. It is also interesting how much tighter the moving averages are in comparison to where they were in 2016. Given this set up, there does not seem to be much standing in gold’s way once it plows through initial resistance. This could all happen very fast.
Yes, the MAs were a mess then and the important 200/233 week was still falling sharply. You can’t launch a sustained, long, bull market move with such a backdrop…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=4&mn=2&dy=0&id=p70313757388&a=666732317
This is all happening with a significant number of shorts trapped adding fuel to the fire.
Exactly. As mentioned above, I have never seen gold hang onto such overnight gains so well.
To Matthew. I think this Iran conflict slightly escalating helped keep gold up over night.
I’m also really curious what the CoT report is going to look like. Too bad we have to wait a week
That’s possible but I’ve never seen geopolitical tensions result such sustained strength.
I know the financial media wants us to think it’s the cause of gold’s rise but there is way too much fundamental/technical support for what’s happening for me to put much into that view. Now if the move completely falls apart and we do not get a bull market, it will mean that I was wrong. Purely geopolitical “pops” never last.
The Fed’s policies have finally put the Fed in a position where there’s not much they can do with respect to hiding what they’ve done.
Btw, gold already very bullish Point and Figure chart price objectives well before the recent escalation with Iran.
The CoT will probably look terrible from a historical standpoint but we don’t know how much open interest will expand this time. Growing open interest is a feature of strong bull markets.
I was just thinking the same thing Matthew. Hopefully gold and silver can build on this breakout to close the week.
That’s what we need and I do think we’ll get it.
Its interesting because if gold can gain a solid foothold above this often mentioned resistance area and then break into the $1400 region, it would appear to be smooth sailing until perhaps the 2013 collapse price area around $1500? Of course, we all know its never quite that simple. Short term sentiment suggests many may take some profits off the table in the interim.
Oops, as I say this, gold has pierced the 1400 handle. Lets see what happens here for the final day of the week.
You’re right, it’s never quite that simple but I can’t stress enough how supportive the monthly and quarterly charts are of such a move to $1500 (in addition to the weekly chart, of course).
Good point on the shorts……..
And the inevitable sell-off arrives
… To be expected mind you
This selloff was the usual kind that happens going into the U.S. open. It still didn’t go below the 2016 high so even the short term technical picture is intact.
off topic:
LONDON (AP) — An American billionaire has given Oxford University 150 million pounds ($188.6 million) for a new institute that will study the ethical implications of artificial intelligence and its vast potential to change society as we know it.
The donation from Stephen Schwarzman, CEO of the private equity firm Blackstone, will also fund a center to house all of the university’s humanities subjects in a single space to encourage collaborative study. The idea is to bring together those working on projects that make life worth living with those trying to make sure that the technology of the future works for the interest of society.
“AI can be an enormous force for good,” Schwarzman told The Associated Press. “But on the downside it can lead to high unemployment. It could destabilize society if it happens too fast.”
Schwarzman compared the rise of AI to the rise of the internet, which was launched by computer scientists who thought it was fun and interesting. But the scientists didn’t adequately consider the downsides of the internet, such as the inability to control cyberbullying or fake news — and the implications of that on democracy.