Jay Day & Gold: Green Shoots Galore?
For a look at gold’s technical posture going into this key event, please click here now.
A nice bounce from my $1671 buy zone has occurred, and Fed man Jay will likely determine whether the rally intensifies, or it fades and a double-bottom forms.
It will be the Fed that gives a breakout above the $1740 neckline a green or amber light.
It’s possible that wild trading around tomorrow’s announcement produces a second right shoulder on the chart, adding symmetry to the pattern.
If Fed man Jay engages in too much “hawk talk”, he’ll cause the stock market to crash, so it’s unlikely that he does that.
A crash is much more likely in the August-October time frame. That’s when the Fed could announce an end to printing money to buy short-term bonds. The result could be a stock market crash and a short-term swoon for gold.
That’s for later, not for now.
Is there any imminent news that could be more important for investors than tomorrow’s Fed meeting?
For the possible answer to that question,
A major exchange IPO is upcoming, and it could produce an earthshaking rally in some of the alt coins. With my blockchain newsletter, insider “King Crypto” and I help investors who are both newbies and experienced pros.
We highlight the cream of the alt coin crop, and the coming harvest looks to be… a mighty big one!
This IPO is so big that it stands to affect mainstream money managers as well as the crypto world.
Whether it’s gold, silver, crypto, and now platinum too, in the coming years private money looks set to outperform government fiat by a country mile.
The miners of private money, both crypto and metal, look like they are ready to outperform everything.
For a look at the gold miners via GDX:
Yesterday’s technical action was impressive. The breakout above both the downtrend line and the $33 horizontal minor resistance zone is good news.
While it’s unknown if the current GDX rally from the $30 support zone will become the greatest rally in the history of gold stocks, there’s a good chance that it does.
A breakout from the downtrend line is likely to be accompanied by a powerful crossover buy signal on the 14,5,5 Stochastics oscillator. Note the incredibly oversold position of that oscillator. It’s hinting that something very big and very positive is coming soon.
I’ve already bought the exciting gold $1671 support zone, and it appears that the strong hands of India and the COMEX commercial traders have been buyers there too.
For gold and the entire precious metals market, that’s a solid liquidity flows floor, but for investors who want even more, stay tuned because “Jay Day” could bring… green shoots galore!