Wednesday, September 18, 2013

Sept. 18 morning update

The following is what I sent out to subscribers this morning.
"The miners have refused to follow gold to new lows this morning. In my opinion this is a pretty good indication that the daily cycle low is imminent. Either on the FOMC announcement this afternoon or maybe tomorrow.
If gold were to deliver a $40-$50 rally today that would be a strong sign that the bull is going to overwhelm the manipulation.
We will have to wait and see what happens, but if it does surge hard on the FOMC statement back up to the $1350 resistance zone that would be an incredibly bullish start on day one of a new cycle.
If that were to happen the odds would be good that gold would break through resistance and break the manipulation. Brave traders could re-enter LEAP’s if this occurs this afternoon.
I think this scenario requires gold to rally immediately upon the statement. No sell off and reversal. This needs to be a rocket launch right after the announcement. There needs to be no doubt the market is reversing 180 degrees."