Dollar hit another high today and has been relentless. Will gold fall below $1,200 now? All depends on the data tomorrow and what effect it will have on the dollar.
Wed. we have a ton of important data coming out and the Fed Minutes which should just repeat what was said that they are SERIOUS about raising rates in December. Ok, we know that already. But the more the dollar goes higher, the less likely that will be. Could be a huge boost for gold if the Fed disappointed. What are the odds? Do they look stupid not raising all year when they said a year ago they would 3 or 4 times? Or look stupid doing it when the dollar is already pricing in the raise?
We could have multiple moves in the market so be light on your feet and quicker with profits before or after each report. Conservative traders may just want to start prepping the turkey early.
8:30 Core Durable Goods Orders (MoM) (Oct)
8:30 Initial Jobless Claims
9:45 Manufacturing PMI (Nov)
10:00 Michigan Consumer Expectations and Sentiment
10:00 New Home Sales (Oct)
10:30 Cushing Crude Oil Inventories
12:00 Natural Gas Storage
1:00 U.S. Baker Hughes Oil Rig Count
2:00 FOMC Meeting Minutes
Precious Metals and Mining Stocks
Miners played games with us today and we traded them well, exiting the early trade and flat on the last trade with JDST and DUST. We will take stabs now and then but have to admit when wrong and get out if patterns change with little damage. Not enough time to chase JNUG higher at end of day. See what tomorrow brings and let the dollar be your key with all that data coming out.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.