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Precious Metals
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Gold leaving March as a Lion or a Lamb?Really interesting chart pictures forming. The USD is sitting on short term support. A drop here could find the USDX quickly testing the lows at 100.7. Doing so should firmly thrust Gold above $2000. Gold now is sporting two Bullish chart patterns. One is the Reverse Head and Shoulders with a price target of the all-time highs at $2080. The second is a nice big Bull Pennant with a chart price target of $2200. I looked at the data coming out tomorrow. The most eventful stuff is the core price index numbers. We also have two anointed ones, Fed Govenors, speaking. I give the odds favoring Gold going out like a lamb. I could envision Gold could start out strong but then get ground lower after the physical market in London closes (11 AM EDT). I'd think that Gold price managers do not want Gold over $2000 as a big talking point over the weekend and particularly because tomorrow is the end of Q1. I'm realizing my wish from a few weeks ago and that is Gold to chop sideways for a few weeks to set up for a strong push into $2000 territory. We will have something special if the Gold price has a "2" handle for longer than the totality of 8 days in its history. Ladies, Gentlemen and everyone inbetween, I believe we are on the right side of the trade in precious metals. As the USD erodes in value to its peers, it will be blue sky for Bulls......it's about damn time! . . . . |
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