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Since the macro often gets its pants in a bunch over FOMC, let’s see what these 3 economic metals have to say about the Fed’s nothing burger yesterday. Let’s use daily futures charts of gold and silver and daily, weekly and monthly charts for copper for perspective on the macro.
The excerpt below is the brief Opening Notes segment from last Sunday’s NFTRH 579. We’ve been compelled by the market to obey the bullish trends and have a bullish view most intently since SPX went through the bull turnstile but really, well before that as it held the up trending SMA 200 in August and on another drop, again in September. The trends have been up all along and only broken trends would have made a broken market (I know, duh…).
Subsequent to #579’s bullish observation the market was tested this week on more trade war bullshit. And that’s of course what it is… financial media wax on/wax off to titillate or torment you with.
(more…)Gold bugs will remember 2012 as the last year of hope that gold was still in its bull cycle as it managed to hold key support around 1550 into year end.
It should not be lost on us that here into year-end 2019 gold’s new bull cycle has risen to, and logically halted at, the very same former support that is now important resistance to a new bull market. We anticipated this resistance in the summer, and although the up-turning Semi cycle of 2013 was logical to gold’s demise 7 years ago, that is no longer the case as Semiconductor leadership takes a new leg up in 2019. Why? Well, let’s explore just a few of the differences between then and now.
(more…)Global central banks have been pumping the liquidity spigots 24/7 and the US Fed is starting to go that way as well. This during a time of supposed economic splendor and fruitfulness (it is these contradictions that are the windows into a ginned up, leveraged economy dependent on monetary policy) while the S&P 500 breaks through the bull turnstile to blue sky.
This morning in pre-market the Amigos’ futures charts update the macro story…
…which goes something like this…
(more…)
