Like Fed, Gold Following Economic Data – Jim Wyckoff
TDC Note – I understand that technical analysis is important and must be part of what we review in determining our next step. However, with a headline like “Gold Following Economic Data“, really, seriously? If gold is following the propaganda, which it clearly is, then yes, gold is moving in an appropriate manner. If gold were following the REAL economic data, especially M3, then we would have something to get excited about. In the mean time…. from KitcoNews All eyes on next week’s FOMC meeting, says Jim Wyckoff on this latest edition of Technically Speaking. According to Jim, the gold market has just been reacting to the latest economic data coming out of the U.S. and he expects the metal to continue its choppy and sideways trading ahead of Wednesday’s Fed meeting. “June comex gold futures are working on a downtrend on the daily bar chart And that has encouraged the technical sellers this week to give that price action a little downside bias,” he says. “I don’t think the Fed is going to do anything next week.” Looking at Europe, Jim comments on Greece’s debt situation and says the marketplace is keeping one eye on the matter. “In my mind it’s going to be a bullish underlying element for the gold market in the coming weeks and months.” Tune in now to see what market ratings Jim is giving gold and silver this week.