Let’s stroll through a few relevant events from before & after I published the May 12 Daily Charts.
First up, on May 9 ‘Your Fired’ FBI Director Comey …
On May 15 the Washington Post used an anonymous source claiming POTUS gave the Russians information they shouldn’t have…
That same evening, the USD Dollar began to break down through a 3 year Trendline support area & 50 EMA. You can read my article and here is the chart…
On May 16 the Comey Memoblowout convinced Democrat Representative Al Green to stomp out to the House floor on May 17 and call for the Impeachment of POTUS. A semblance of lickety-split sanity was concurrently taking place where Democratic Leaders Tried to Slow Calls to Impeach Trump…
“They wanted the president gone on November the 10th of last year,” Mr. Durbin said. “I want to make certain that we follow the law, follow the Constitution, and do it in an orderly way and not to get into a crazed political crusade at this point.”
Thinking Impeachment? Take a deep breath…
“The more those impeachment proceedings appear to be rushing to judgment or driven by partisanship, the less credibility they ultimately have. The Clinton and Nixon examples offer crucial lessons about the importance of slowing down and ensuring that the public is confident that the gravity of the alleged conduct warrants the extraordinary and fundamentally undemocratic remedy of Congress removing the president from office.”
Unfortunately, some crybaby politicians are still too busy sucking pacifiers to think about taking a deep breath.
Meanwhile, Gold caught tailwinds from a USD Dollar breakdown and ‘yuge’ 1 minute volumes spiked the Gold price up through the 50 EMA on the Daily Chart. But first, here are those 1 minute buy volume spikes on May 16…
And, if you hadn’t followed the ‘ArabNATO’ news flow over the weekend and today, the following two visuals along with the “United States and Israel will never allow Iran to have nuclear weapons” article should suffice…
Onto the Gold Daily Technical Chart, as of today’s 8pm EDT candlestick close…
On May 12 I stated…
“We have the technical conditions for a Pivot upwards, but the rest of the world and its issues must line up with the stars for a sustained bullish move.”
So we have a nice Pivot taking place off of a third tap on the lower Trendline of an Ascending Broadening Wedge. The Technical’s were obvious, poor economic data continues to dominate headlines, we’ve had Bullard rocking Yellen’s china shopby questioning current Interest Rate policy, TrumpTheJacksonian came through to help line up some stars with domestic &
geopolitical volatility, and most importantly the overhead 50EMA Exponential Moving Average was breached decisively with a little help from the USD breakdown that began on May 16.
On May 12 we closed at $1227.83. As I type this, price is knocking on the door of a recent Inverse Head & Shoulders Neckline price level of $1263. Going forward I expect the Trendline drawn down from the 2011 High to be challenged. The price point has lowered to a Fibonacci level at $1278.
Plan Your Trade, Trade Your Plan.
TraderStef on Twitter
[Written for CrushTheStreet.com 2017-05-22 by TraderStef]
@crushthestreet
Thank you for providing such well written and informative analysis regarding the current state of our economic and geopolitical situation at hand. We are definitely living in some strange times and quite honestly, nothing surprises me anymore. So I guess we will just have to wait and see what happens next.
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We don't have to wait for the coming horrible and devastating economic collapse. We can support the Administration in their determined efforts to prevent an economic collapse and the worst depression this country has ever experienced. A 'CAN DO' attitude is what Americans need to believe and practice in order to turn this lousy economy around. Previous generations of Americans faced even more severe problems and overcame them. We can also. The Dems and their various political offshoots have shown that they simply do not know how to create a prosperous nation or that they do not want to lift this economy out of the sewer.
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@monaco
I agree that we all need to have a positive attitude and be proactive as possible. I believe that this can start on a personal level and grow from there. If each person would live up to their God-given potential and play by the rules, then we could see a much better society!
Unfortunately, that dream of a more harmonious existence doesn't always fall into place like we may hope. Nevertheless, we press on and do what we're supposed to do and to live according to the principles that make us who we are.
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Disclaimer: I am just a bot trying to be helpful.
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An attack on President Trump is an attack on the everyday American who is suffering from the economic corruption that the elites have sown. Their unwavering attempts to bring down President Trump is preventing and obstructing the president and his extremely intelligent cabinet from saving the U.S. economy from a worse ever collapse instead of a normal or severe recession. He has the know how and the can do attitude to straighten out this sad economy while they do not. The American Republic needs to wake up and support the President who is determined to create jobs by bringing back the factories from overseas, encouraging foreign investment, reducing taxes so that industry will invest in developing new products and investing in training their employees instead of importing workers at lower wages, reworking trade deals so that they are fair to U.S. thus reducing our 1/2 trillion dollar annual balance of payments deficit, improving the educational system instead of dumbing down our younger citizens, and a whole host of other things that will benefit our citizens and future generations. WAKE UP AMERICA BEFORE IT IS TOO LATE! Things could get really bad, i.e., worse than you can imagine if we let these misguided elites stop the progress that this President envisions for all of U.S.
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