Looking for a push back into the 20s long from 16.08 with support and stop loss at 15.10
Expecting another test of the downtrend line, before a negative break of this price level can be solidified. There is still a significant enough potential that Gold prices can move to newer highs for the year. Buying into weakness, with the FOMC reaction either confirming or disproving the hypothesis
@JigneshRathod, I'm thinking the same thing, they had a positive reaction during the last two rate hikes. The hypothesis is that the miners have been weak especially the juniors due to poor earnings from The prior downtrend in GOLD with its recent low set at the beginning of the year and a rejection from the weekly resistance line in GOLD from 1290 causing the current consolidation in the price as of late with longs waiting for the FOMC reaction for a continuation of the positive trend. Looking for a positive continuation after the FOMC reaction to make another attempt at the weekly resistance line with a possible continuation above the November 2016 resistance level to support a greater move to the upside. GOLD is basically at the October 16 support level, but the miners are at Their December support level when GOLD was at its low of 1130, basically meaning they have received little to no support from the weekly positive trend in GOLD. So if the FOMC causes a positive continuation in GOLD and another go is made at the weekly resistance the target in the miners can be easily reached. Time will tell though, can be easily stopped out as well.
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