by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Gold FOMC 2 price targets and weekly/Monthly price supports

26 Oct 2015 10:49 PM | Bill Downey (Administrator)

The FOMC meeting begins Tuesday morning ends Wednesday afternoon.  It will most likely be the most important item of the week for Gold and could set the pace for the next two weeks and even to year end.

There are two targets for an ideal low for this week on the chart (1155-1158 or 1146-1152).  Also we have weekly support at 1130-1136 and Monthly support at 1118-1122.  As you will read in the cycles section,  this week has the potential for a big move in total dollars and thus is it not out of the question to reach those levels.  Lets go to a quick cycle update.  Scroll down. 



CYCLES

We are now in the cycle window for a turn that is due (Oct 27th - plus or minus 72 hours).  We are at a Fibonacci 13 weeks from the gold low and for those that follow Martin Armstrong,  this week is a PANIC CYCLE week.  That means that the odds for a BIG MOVE are much greater than normal.  Not every panic cycle week produces a big moves, but they happen often.  And not always in the same direction.  In other words, it could be a sharp move down into FOMC with a sharp move up to follow.   One final note,  the window for this cycle turn could extend to as late as November 2nd.  

Also, the sharp 2000 point sell off in the US stock market over the last 4 days of the August drop caused havoc with the short term cycles as a late arrival occurred on the Red cycle that was due August 14th (plus or minus 72 hours) to only occur on August 24th (the day of the stock market sell off low.  Then the following blue cycle failed just 4 days into it causing a cycle inversion where the ROTATION changed to a RED CYCLE LOW.  The next red cycle low came in early on October 2nd when the NFP (non-farm payroll report) was a disaster and gold jumped from 1106 to 1122 in a few minutes and all the way to 1140 within an hour of the report.  Now the FOMC MEETING this week looks like it is causing GOLD to return to a BLUE CYCLE LOW rotation as it inverts again.  Those who have been with us for a long time know that it is rare that the cycles get shifted this much as the turns most often occur within the cycle window.  The good news is that shifting back to a blue cycle low is what we want because that is the rotation that is associated with bull moves in gold.  Once the BULL MARKET IN GOLD returns,  we will see prolonged periods where the rotation will remain Blue cycle lows and red cycle highs.  



  Odds are favoring that gold is going to bottom this week and then move higher to mid-November.   While we are not ready to pronounce the Bear market is over, it is important to keep in mind that the ideal time for a change to bullish in gold on the longer cycles has been Oct 2015 - June 2016 and we are now in the window for that change.




Technical Analysis :: Gold & Silver

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