The Bullion News & Commentary Continues...
"A Prudent Man Foresees the Difficulties Ahead and Prepares for them; the Simpleton goes Blindly on and Suffers the Consequences"
- Proverbs 22:3
Posted on 7/24/2016 @11:19pm
You've read the title and the answer can be summed up in one word "Trump."
I used to be a political junkie and I had some good teachers about politics so I understand it very well.
However, I'm not that person anymore and I personally do not like politics or any political party so this opening commentary will be very short and to the point.
Janet Yellen is a democrat, just like most of the Fed's board members, they know that if they raised rates they will be pulling liquidity out of a market that can't handle that type of action.
So come July 27th, look for Janet Yellen to make more excuses on 'Transitory Economic Factors,' as to why the Fed isn't going to raise interest rates instead of the truth which is:
If they did raise rates, even a very little, the markets would fall and her candidate would not look so good come election day.
The following is the most important thing I've learned about politics: When politics is mixed with fact; the truth never gets told.
Now to the charts...
The Rising Wedge I drew in last week's chart failed as seen in the chart below...(Falling & Rising Wedge - Defined)
Since the Rising Wedge in the chart above failed, I re-drew it, twice.
One using the Candlestick's Opening and Closing Prices and the other using a Candlestick's highs and lows, see below.
There is only one reason the dollar rose last week, that reason being the 'Herd' mentality of Investors that think the Fed is going to raise
Well, if you read what I wrote above you'll understand one of the biggest reason we won't see a rate increase before for Election day (Nov. 8th).
US Dollar Resistance Levels
US Dollar Support Levels
Gold's chart is still looking good it is in consolidation which is what you want to see when you have a big run-up in price.
It is also staying inside the 'Ascending Channel' I drew for it three weeks ago (see Gold's Ascending Channel post here).
Charts provided courtesy of TradingView.com
I'm looking for more consolidation in Gold's price, at least until the Federal Reserve announces it is not going to raise interest rates.
After that happens, look for gold and silver to change directions.
I'm not seeing much in Silver's chart, however, I do think we'll see more consolidation in silver's price, at least until after the news comes out that the Federal Reserve is not going to raise rates, then we should see it change direction.
The change in direction for silver and gold probably won't happen until Thursday or Friday (7/28 or 7/29)
Charts provided courtesy of TradingView.com
As for this weeks music, I listened mostly to Sting and The Police so I leave you this...Have A Great Week!
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Last Ledger Entry 07/11/2016
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