Gold Chart | 18th November 2016
Big Picture Gold
We’ve almost hit the support level for gold as we suspected…
Since the last interest rate hike the $1200 USD support level has been a powerful buying and accumulation level.
Everyone appears to be losing their minds regarding the interest rate hike for December. The probability from the market is 94%.
Wow. It’s so easy to make money. But wait, if everyone is on the same side of the market, who is going to buy?
The selling cycle begins once the buying cycle runs out of momentum.
The Fed is terribly unlikely to raise rates economically, however, the market is pricing it in at 94%.
Even if the rate hike occurs, the U.S dollar will probably pull back as the trend and the story end.
But smart money is called smart money for a reason. They’re going to hand the traders a big surprise and not the good kind.
I imagine a dollar sell off prior to the Dec 14th would be a pretty neat trick while traders keep buying the dip on the way down.
I’m pretty excited about the weekend report which will largely focus on precious metals.