We start edition No. 666 with this Shirelles '61 hit: "Mama said there'll be days like this..."--[Dixon/Denson]. And indeed, oh woe is our Gold!
Either way, shut down was the price of Gold this past week, sufficiently so that the 1760 settle is below the 1779-1854 resistance zone. That is not good in the minds of the pure technicians who can in turn opine a retest is in order of the year's low at 1678. 'Course, the fundamentalists roll their eyes given Gold's opening Scoreboard valuation is at present 4015, rebuking any 1678 notion as pure poppycock.
Still, illogically flying in the face of such economic reality, "Fed Officials See Need for Continued Rate Increases, but Less Certainty Over Destination" proclaimed Dow Jones Newswires following last Wednesday's release of the Federal Open Market Committee's Minutes to their 26-27 July meeting. Still, the "good news" gleaned from the Minutes is the Federal Reserve's facing operating at a loss, which as you know for a private entity can lead to bankruptcy.
Obviously not staying pat are Gold's"Baby Blues" of trend consistency as we next see on the left across the three months of daily bars: when the Blues bust +80% as they did last Wednesday, price's rule is bye-bye. And as for the 10-day Market Profile on the right, when the lowest volume participation bar is white, you know 'tis at least a two-week closing low:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »