Ever so closer to the $1,135 level. A close under that, and $1,106 and the downside levels will start passing with greater speed. NFP today (Friday) is the next smack down for the PMs in what is going to be a very long and memorable November IMO. The USD is reigning supreme in all things, EUR is under its trade range on its way to its new POC of 1.2305. Some are saying that the long run daily trend down at 1.2230 is going to be busted without any trouble given this ECB OMT is going to run for 2 years.. (which was only announced yesterday). Where does it end? Channel trends at 1.12, 1.01? I have no idea.. Only time will tell. Zooming into the near term, I am worried that the AUD (which is also scooting down toward its trade boundary at 0.8510) is on the verge of a mini collapse that could wipe 5 cents off it over the next 3 weeks. I cant imagine the damage that this will accompany in GOLD. Now when you look at all these 5 charts - AUDUSD, EURUSD, USDRUB, XAGUSD & XAUUSD you can see very clearly what these Russian Banks and Billionaires have been up to conspiring against our monetary system and our way of life. Ever since the rot set in post July with all the sanctions all these markets have unwound in spectacular fashion just as I predicted they would about 10 months ago. The good/bad news is that now that the avalanche has started it is just starting to get up a head of steam. Try standing in front of this freight train... All I can say is that the United States has done an absolutely amazing and humbling job of defending its interests (and ours) by removing these Russian financial time bombs from the banking system so that going forward our nations can still prosper in sight of the geopolitical challenges that are coming surrounding our energy supplies. We are approaching the time to break out the dry powder to buy real metal (if you can find any on offer), but alas I think at the lows we will see, the only place to hedge these purchases will be in the Spot or Futures, as the retail channel will be stripped clean in the near term IMO.
Posted on: Fri, 07 Nov 2014 01:28:22 +0000
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