Channeling the trend trader's frustrations !!!!Gold has been the subject of significant two way action lately,the problem with two-way action is that it tends to move slowly with a + or -10% bias.
In Gold's case it could be argued that the last 3 months trading has been a pit stop on the road to nowhere.The channel I pointed out some weeks back provided the anticipate support but the lacklustre action makes me think that the downside will be tested again,probably on the rin in to President Trump's Inauguration.
With Hurricane Trump due in Washington on Jan 20th I'd suspect that he and others in his circle will be focused on Crypto and that in off itself might pressurise Gold.The fact that Putin's putative BRIC currency block is to be supported by Gold might induce authorities in the West to manufacture and place multiple impediments on Putin's Yellow Brick road.
Then again we have some interesting new people onboard in the new administration who are not noted for either their social skills,tact or their political adroitness.Expect 1600 Pennsylvania Ave to have particularily noisy neighbors in the first 6 months!
X will have every traders attention over the coming months.
Happy New Year to All!
