Forex Price Action Setup – Gold/Silver Form Large Engulfing Bars | Sept. 13th
Gold & Silver
Ahhh, nothing like my good ol’ friend the beard – Ben Bernanke….Central Planner in Chief who today went to the printing presses.
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.
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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