UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Thursday, October 09, 2014
Triple-Bottom Bounce on Gold After Re-test of Critical Support Level
This critical support level converges with the bottom of the weekly Bollinger Band, along with the lower edge of a large declining channel (which began after the all-time high of 1923.70 was made during the week of September 5th, 2011).
Failure to hold above the critical 1180 support level could see a much larger decline ahead, possibly to the 1000 level, as shown on the next 20-Year Weekly chart. Bulls will need to re-take 1300 and hold that level before we likely see any further serious commitment to, ultimately, reverse this long-standing downtrend on the weekly timeframe.
Volumes are very thin between 1100 and 1000, as shown in the Volume Profile along the right-hand side of the chart, so we could very well see 1000 re-tested before we see any significant buying enter the Gold market.