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In this post I’ve updated the charts to reflect the recent dramatic changes in the silver market. Chart 1. Silver Weekly: Triple Support Chart courtesy of tradingview.com On the weekly chart above, there is a mixture of reconstructed trend lines (gray lines) set in the previous update and newly added lines, which highlight the important…
The Biggest Reason the Fed Won't Raise Rates before Election Day
* 07/30/2016
Originally Posted on the Guide's Homepage on; 07/24/2016
You've read the title and the answer can be summed up in one word "Trump."
I used to be a political junkie and I had some good teachers about politics so I understand it very well.
However, I'm not that person anymore and I personally do not like politics or any political party so this opening commentary will be very short and to the point.
Janet Yellen is a democrat, just like most of the Fed's board members, they know that if they raised rates they will be pulling liquidity out of a market that can't handle that type of action.
On July 27th, watch for Janet Yellen to offer more excuses, referring to them as "transitory economic factors," to explain why the Federal Reserve won't raise interest rates. However, the real reason she won’t increase rates—even by a small amount, like twenty-five basis points—is that she understands that the markets would decline, which could negatively impact the candidate of the party she supports as we approach election day.
Now to the charts...
US Dollar
A Rising Wedge pattern has formed in the U.S. dollar’s price chart; it is a negative pattern, and the price is expected to break it to the downside.
(Falling & Rising Wedge - Defined) (continued...)
There is only one reason the dollar rose last week, that reason being the 'Herd' mentality of Investors that think the Fed is going to raise Interest Rates. Well, if you read what I wrote above you'll understand that it is very doubtful and instead we’ll likely see Federal Reserve, headed by Janet Yellen (a Democrat) do nothing because it will hurt Hillary Clinton’s chances of winning the Presidential Election on Nov. 8, 2016. US Dollar Resistance Levels
97.75 97.40 US Dollar Support Levels 95.50 93.50
GOLD
Gold's chart is still looking good, the price is in consolidation which is what you want to see when you have a big run-up in price.
It is also staying inside the 'Ascending Channel' I drew for it three weeks ago (see Gold's Ascending Channel post here). (continued...)
Charts provided courtesy of TradingView.com
In the near future, I'm expecting more consolidation in Gold's price, at least until the Federal Reserve announces it is not going to raise interest rates.
After that happens, look for gold and silver to stop consolidating and move higher. (continued...)
Silver
Not much is happening in silver’s price chart, so expect more consolidation in silver's price, at least until after the news comes out that the Federal Reserve is not going to raise rates, then we should see it change direction.
The change in direction for silver and gold probably won't happen until Thursday or Friday. (7/28 or 7/29)
Thank you for your time. Take Care & God Bless.
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