September 2nd Non Farm Numbers, What's The Story Here?
Looks like a lot of traders are going to get hacked to bits between the potential range of $1290 to $1325 because the Fed is doing what it does best, fear mongering about a rate hike. This is only helping the Fed play the longs into their hand by forcing them to give up their positions in gold. A close under $1308 after Friday’s Non Farm numbers will increase the likelihood of traders believing that a break below $1300 is possible.
IF the Fed hikes in September (I doubt that they will), this will inevitably lead to QE. From what I can see in the charts right now, gold is experiencing a consolidation pullback that is typical during the summer months, and should be completed in the early part of September. A close over $137X will challenge for a quick breakout towards the $1410-$1420 range. Don’t get caught with your pants down because it’s going to be lightening fast when it happens.
IF the Fed hikes in September (I doubt that they will), this will inevitably lead to QE. From what I can see in the charts right now, gold is experiencing a consolidation pullback that is typical during the summer months, and should be completed in the early part of September. A close over $137X will challenge for a quick breakout towards the $1410-$1420 range. Don’t get caught with your pants down because it’s going to be lightening fast when it happens.