Stepping back - 2017 gold trade
Updated
I have been long miners since November 14th, and am currently only down a few percent. I am by no means a scalper, so keep that in mind when you view this idea.
There is a strong bull RSI divergence on the 1W chart, as illustrated above. (the divergence from the 1D chart is still there, however I am taking a step back with this idea). I think we have almost bottomed out on the MACD.
This tiny interest rate raise means virtually nothing. You don't raise interest rates only 0.25% if you believe the U.S economy is healthy. We're currently sitting at a lower interest rate level then when they were dropped to 1% after 911 (a huge crises). I'm calling bs on the 3 rate rises during fiscal 2017.
I believe we will see a strong rally at the beginning of January, and this will only continue when the Fed does not raise rates during 2017.
We will see 1400-1500 in the first half of 2017.
There is a strong bull RSI divergence on the 1W chart, as illustrated above. (the divergence from the 1D chart is still there, however I am taking a step back with this idea). I think we have almost bottomed out on the MACD.
This tiny interest rate raise means virtually nothing. You don't raise interest rates only 0.25% if you believe the U.S economy is healthy. We're currently sitting at a lower interest rate level then when they were dropped to 1% after 911 (a huge crises). I'm calling bs on the 3 rate rises during fiscal 2017.
I believe we will see a strong rally at the beginning of January, and this will only continue when the Fed does not raise rates during 2017.
We will see 1400-1500 in the first half of 2017.
Note
Still long, I believe we've found a bottom here.1W trend line has been respected.
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