Wednesday, June 24, 2009

DON'T FORGET ABOUT THE FIREWORKS THAT WILL OCCUR AT 11:15AM PDST ON THE FOMC STATEMENT

Gold should react strongly to the announcement in
both directions (not predictable at the time).
Gold is being driven down now in anticipation of the
announcement which occurs AFTER the Crimex day
session closes (45 minutes after the close).
I expect gold to rally violently and then retrace just
as fast on profit taking.

But DO NOT trade on that info.

It's just a gut feeling given all that I have seen in the last
six years of gold trading and what has happened in the past
on these FOMC statements.

Gold could do the OPPOSITE and fall violently, then retrace
back up on bargain buying.