Excess liquidity kills volatility and causes bids to rise relentlessly. But when you zoom in to hourly or shorter, it’s whippy. Whipsaws and false breakouts galore. They’re brutalizing day traders.
Just before 8 AM in New York, pullback to bottom of hourly trend channel. 2 of 3 indicators on the sell side and the other is close. 2-3 day cycle projection still 3359.
Jobs Friday. Tax data said for July said yooge upside surprise. The as/of date is July 12. Meanwhile- This is a 45 minute bar chart. At 3:30 AM it’s saying we’re either at the bottom of this pullback, or half way down. 3335 is key hourly resistance trend.
This is ridiculous. Absurd even.
This chart says the price of gold will double in 4 months. Is now a good time to get aboard?
Interesting that you say gold is overbought. It’s just now reaching intermediate price projections after it recently broke out of a multi-year high, with a conventional measured move objective that’s significantly higher. Short term projection was 2125. I wouldn’t sell it at least until it breaks a trendline.
This really is just the mirror image of the ongoing collapse in the dollar. Here’s where it’s headed.
Nobody knows what the Fed will do over 5 months. The Fed itself doesn’t know. Nor does the Treasury know how much it will need to borrow that far in advance. The TBAC is pretty good for the current quarter after they’ve had a look at the first 6 weeks, but their estimates for the next quarter are usually way off. Like most econ forecasters they suck at it. But there’s no mystery what the Fed will do…
That’s the latest 5 day cycle projection. But there’s a little matter of round number resistance to be handled.
Also, hourly indicators are on the sell side with a negative divergence since yesterday. If we get an hourly close below 3282, I might …
The hourly chart looks like a slinky climbing stairs. The next move will be up.
No.
Wait.
Down.
Or.
Oh, never mind.
Was it good for you?