Gold Poised to Continue Higher into Chinese New Year

With some profit taking on tap when gold’s 6-week rally paused for a bit last week, the GDX has been sold down to strong support at the $23 level. The major miner ETF move up from its mid-December low was stopped cold just before it could reach long-term resistance at the $25 region, when it had a strong volume intra-day reversal from this critical level on January 25th. Since then, the miner price action leading into Federal Reserve Chairwoman Janet Yellen’s farewell FOMC speech and this morning’s release of the US Non-Farms Payroll (NFP) report should not be surprising to veteran miner sector investors. Virtually every FOMC meeting and NFP report during this US interest rate hike cycle beginning in late 2015, has been sold into by precious metal investors and computer-based trades. The gold sector continues to be sold into these reports despite the fact that gold has risen during each Fed Funds Rate-hike cycle since Bretton Woods collapsed in 1971, when President Richard Nixon severed the link between the dollar and gold. Read More @

CHINA WILL GO HEAD-ON WITH US – Venezuela Skirts U.S. Sanctions With Chinese Oil-For-Cash Loans

China will keep the oil price higher as they increase their inventory in preparation for massive growth ahead –

Oil-for-loan deals between Beijing and Caracas are preventing American sanctions from having their full effect on Venezuela’s economy, according to David Malpass, U.S. treasury under-secretary for international affairs. “Most of the blame for Venezuela’s economic collapse and humanitarian disaster falls squarely on Venezuela’s rulers, but China has been by far Venezuela’s largest lender, supporting poor governance,” Malpass said at the Center for Strategic and International Studies, Bloomberg reported. “The result will raise the ultimate cost to the international community once Venezuela returns to democracy and economic reforms.” Read More @

What is Technical Saying?

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