Forex Price Action Setup – Gold/Silver Form Large Engulfing Bars | Sept. 13th

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Gold & Silver
Ahhh, nothing like my good ol’ friend the beard – Ben Bernanke….Central Planner in Chief who today went to the printing presses.

Nevertheless, Gold and Silver both went right to role-reversal levels before shooting higher today, together forming large with trend engulfing bars in the process.

Already being long Gold at $1633 & $1696, I’ll take any price action pullbacks into $1740 & $1715 targeting $1900 which seems now all but certain.

In terms of Silver which I’m still long at since $28.36, $31.06 & now $33.00 after today, I’ll take any pullbacks into $34 & $33 (again) for an eventual $36.91 & $43.75 touches.

If you’re an intraday player, you can take the higher of the two pullback levels & target today’s highs along with $35.27 for Silver while gunning for $1791 & $1815 in Gold.  Really aggressive intraday players can look for longs @ $1760 & $34.42 targeting the next levels above.

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Global Market Commentary:
As all eyes today were on the central printer in chief, Ben did not disappoint as the FED undertook a monthly bond buying program which is intended to support Wall Street the economy.

Honestly, I’m not sure you ever need to see a Bernanke meeting anymore because I think he just changed his role to propping up the stock market while keeping Wall Street happy via his new QE-infinity project.

The result?  Game-On/Risk-On as Gold, Silver, AUD, EUR, GBP, S&P, DOW, and virtually anything not named USD soared higher.

The Dow gained over 200pts while the S&P went to levels not seen since 2007 closing at 1457.

Gold gained $35.70 on the day while Silver closed at $34.63

Upcoming Economic Announcements:

CNY Actual FDI (YoY) 20.00EST
EUR Euro-Zone Consumer Price Index – Core (YoY) 05.00EST
USD Advance Retail Sales 08.30EST
USD Consumer Price Index (YoY) 08.30EST
USD U. of Michigan Confidence 09.55EST

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