If you were paying attention yesterday to gold and mining stocks after the FOMC decision then you saw that gold closed above $1350 an ounce while GDX closed right on $24.00.
I mean RIGHT ON $24.00!
These are the two critical long-term resistance points that chart watchers are paying attention to – and traders looking at their charts all over the world see this too.
I talked about these levels before the open yesterday and on Sunday in an important video posted here.
Is this the big breakout?
We are indeed now in a technical breakout countdown with the clock on the verge of ringing.
First I want to clarify something about my Total Gold Trading Program. This is a special promotion that ends the day that gold closes above $1400 an ounce.
That day could come today, tomorrow, or next week, but whenever that day comes I’m raising the price of the Power Investor membership to $291 to get into it. This keeps out people who really have no money and can’t use the service – mainly the type of people that thought they could put $100 into Bitcoin in 2017 and get rich and now that Bitcoin failed to do that for them they are looking to do that elsewhere.
Those are the type of people who chase at the end of a move.
And if you talked to any Bitcoin people in December of 2017 then you know how annoying they were!
This is why I only want people serious about the markets in my group – people who have big money already or are serious about learning to trade and invest to turn a small account into big money (and that takes learning to trade with a plan, which is what the group is about, and not trying to play the lottery). Luckily the Total Gold Trading Program teaches people how to use gold right and if you grab the offer you’ll get into my private trading group BEFORE the price goes up.
Really people who buy gold now are get rich quick types. We’re still in the first phase of a big gold rally in which it is only “smart money” accumulators that buy. The masses and get-rich seekers only get in during the third and final phase towards the end of it.
Phase two though is the key technical breakout and we may be starting it now – but final confirmation is not here yet. When phase two happens you get smart traders (with a plan) buy.
The pure technical trader like this though isn’t going to be sure this morning, because in the past few years they have seen a few times where gold touched through $1350 only to reverse the next day.
For example a smart trader at Sunshine Profits posted an article yesterday basically warning that this could happen again. But he also suggested that if gold goes up more over a few days than he’ll change his mind and become a believer.
That’s what the chart watchers (and computer robots) are seeing and thinking.
In fact this guys article is titled “Is Gold Reversing, Or Pushing To New Highs?”
The implication is that right now is a key moment!
Yes – gold went above $1350 yesterday, but there have been Fed days in the past in which gold rallied hard and then reversed the next day.
So if gold finishes Friday up above $1350 then people will no longer think of this week as a potential top, but as the key breakout week.
And they’ll be buying into the close on Friday and others who aren’t paying attention during the week, but look on the weekend will probably buy to cause a gap up on Monday just like there is one today.
This is the type of pivot point we are at and why we are still in a countdown before the final launch.
Really we are seeing the launch rockets turn on today and if gold holds this morning’s gap up people will be buying in the afternoon.
The thing is not to just be a spectator, but to become a part of the action in my private trading group before the price goes up.
Get in now and save money by grabbing my Total Gold Trading Program:
http://wallstreetwindow.com/beta/totalgoldtradingprogramlaunch1400.htm
-Mike
