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Strategies & Market Trends : John Pitera's Market Laboratory

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fred woodall
isopatch
To: John Pitera who wrote (17868)3/15/2016 8:07:28 AM
From: John Pitera2 Recommendations   of 33421
 
Gold pulls back as do global commodities .... The FED is setting the scene for a June rate increase. as

The BOJ pretty much just kept things on hold today
8:21 - The Bank of Japan refrained from bolstering its record monetary stimulus as policy makers gauge the impact of the negative interest-rate strategy they adopted in January. Governor Haruhiko Kuroda and his board kept the target for increasing the monetary base unchanged, and left their benchmark rate at minus 0.1 percent, as forecast by 35 of 40 economists surveyed by Bloomberg. With the BOJ far from its 2 percent inflation goal and growth stalling, most analysts have seen additional stimulus as just a matter of time.

We posted last week that Gold ETF's had 40 straight days of inflows..... and so it seemed like sentiment was getting a little over exuberant.



this was the chart I posted back on March 8th..........

on a separate note Gold has had a 5 wave Elliott Wave move on the Daily chart and a Daily Momentum divergence and thus it may be ready for a pullback..... the action in Silver where it made a high at 15.99 on Feb 8th or so and then made a lower high 2 days ago and closed on it's low today is also built into my

thinking on Gold

Message 30492834



I suspect we should see some more downside in PM's and Gold in the near term... The percentage rallies in the gold miners and silver miners over the past 8 weeks has been extraordinary...

Message 30449926

"Gold Miner on Fire"

John
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