we'll see if all the rich guys took off after lunch for the Hamptons ( excluding @Gil Oren & @IchiFutures )
Yellen said it will be appropriate to raise rates in upcoming months and gold went down. Seems like probably it won't be June since it will be right before Brexit so they will wait until July to raise.
Maybe the Fed wants to blame the Brexit just in case that the markets tank after they hike, so they hike in June
A close below $1206 on gold today will send it plummeting going into summer. VRX might have a chance to see $40s if it holds today's gains and opens strong next week. I'm still long TWTR. Positive divergence and a break above a resistance TL is great. I have the June 16c. Up over 5% right now for the day.
Yeah, not sure why some were bullish on gold. It was pretty darn overbought on longer timeframes and recently fell out of a rising wedge pattern which is bearish. If it doesn't find support soon its gonna be a really simple ride down to 1050-1100. Not to mention rising rates and a relatively strong dollar the past year or two.. there's zero fundamental argument for it to go up at all. Unless you believe Trump will get elected in Nov and immediately start WW3 in January.
Good luck on TWTR! I closed my position today at $14.82 because I got impatient and decided to take a real small loss (got in too early at $14.92) as TWTR has been wildly unpredictable day-to-day IMO. Did not expect it to break above $15, and now that it did I wish I still had my position opened because that could be what it needed to head back up to $18.
i agree the chart looks bearish for gold, but fundamentally, the same things were said back in december when the fed were going to raise, and look what happened to gold, bonds, and utilties :/
