news.goldseek.com / By: Stewart Thomson / 13 September 2016
- Good things come to those who wait, because patience is a virtue.
- Over the past few days, various Fed presidents and governors have made both hawkish and dovish statements.The US stock market and gold stocks have reacted violently to these statements.
- It’s important for all gold stock investors to understand that anything can happen at next week’s critically important FOMC and BOJ meetings.
- Ahead of those meetings, it’s clearly a time for patience.Once the meetings have been completed, institutional investors will begin to apply large amounts of liquidity to the markets, and a new intermediate trend will be underway.
- On that note, please click here now. Double-click to enlarge this daily bars gold chart. I annotated this chart a week ago, predicting a rally to the trend line in the $1355 area, and then a pullback from there to $1325.
- To view what actually occurred, please click here now. Double-click to enlarge. Gold followed the exact trajectory I predicted.
- All that’s left now is for gold to stage an upside breakout from the drifting rectangle pattern, and begin the rally to my $1392 and $1432 target zones.
- That is unlikely to occur until next week’s FOMC/BOJ meetings are completed.