CPI, PPI, Retail Sales and Employment….
Despite the fact that we are in a “crisis”, national debt has increased worldwide and the Fed is holding rates – gold is not rising. We actually finished the week only slightly up. Strange considering the mood. We are still glued to 1700 which we first hit on Mar 5 so two months have gone without any increase – and there appears to be real resistance to the price rising.
At any rate this week the price moved down and then up on Wed/Thursday giving us the opportunity to double a $2000 account each time. So look for the trading signals. They are there as I show in my training. In saying this it should be noted that we are rising from the 24 daily ma and this has shown to be a launch point for the price. So look for that to occur on the hourly chart as an entry.
This helpful tool will allow you to convert MGT to local time for you to easily identify the time.
March’s figure was revised to show job losses of 149,000 from the decline of 27,000 that was initially reported.
“Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession,” said Ahu Yildirmaz, co-head of the ADP Research Institute.
Only 7 hours since Fed Rate announcement and Reuters are making grand claims about the future of gold. How long will rates be trapped at .25%?. The Fed says quite some time which would suggest they are out of options and investors will move into gold for security. Especially as the dollar printing is going to proceed at a break neck speed. You have to question the motive of the financial media. Especially Reuters. Not the first time and won’t be the last.
With high spreads and volatility at present a precise entry is critical. It is usually on the hour where the price will turn for the day and continue with the trend and volume. So study the chart well and enter with care and caution. Get it right and your nerves will be spared.