GOLD- Approaching our first Target

The gold market is holding support just above $1,800 an ounce and is seeing little reaction to the Federal Reserve minutes that highlighted discussion that some committee members see the potential for the central bank to tighten its monetary policy sooner than expected.

The minutes of the Federal Reserve’s June monetary policy meeting reflected some optimistic tones from the committee as the U.S. economy continues to recovery from the COVID-19 pandemic. The minutes also noted that because of the pace of the recovery, some committee members expected the Federal Reserve would start tightening its monetary policy, reducing their bond-purchase program sooner than expected.

Here is our chart which by the way has worked PERFECTLY in the past

for the noobs: hawkish statements = dollar up = gold lower

hawkish = rates higher, tighter policies

The Fed comes out hawkish but after few days and because the markets react negatively the do a nice 180 and become dovish....

That is telling me they are probably still shitting their pants to dare a rate hike.

One Love,

the FXPROFESSOR