Stop Loss reached at $20.6 and sold the rest of my position at $20.6 for a gain of +6.45%. As predicted, Gold and Gold miners sank after the Fed minutes revealed possible increases in rates once again, if they see the economy and inflation start to pick up again.
- Inflation numbers came out today at 0.4% vs 0.3% expected.
- European Central Bank reiterated their “wait and see” tone, leaving rates unchanged for the moment as they wait for more economic data.
- We’re still waiting for the final decision on whether the EU will grant the UK an extension for the Brexit date. Will update more on that as the news gets released.
- We’re also waiting on the FOMC meeting notes set to release this afternoon at 2pm EST.
Gold jumped as inflation numbers came in higher than expected, allowing gold to continue with its bullish momentum towards the downward sloping trend line (please refer to the charts in previous posts).
Gold miners are trading relatively flat for the day, with some intraday swings ranging about 30bps both way. It’s still too early to enter into a new trade as we are still waiting on some important information, would suggest holding onto your positions and focus on any news flow coming out.
*Will be updating this post as news comes out today. Stay tuned.