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Gold Now Poised to Move Higher as the Fed Rate Hike Cycle Continues

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Full Article: Gold Now Poised to Move Higher as the Fed Rate Hike Cycle Continues

By: David Erfle

Earlier this week, all eyes were glued and computer trading algorithms set to the Federal Reserve two day meeting speech which was released at 2pm EST on the Ides of March 15th. As soon as Fed chairwoman Janet Yellen delivered pretty much what everyone was expecting, the stock market, gold, silver, and oil all rallied as the committee’s vote was 9-1 in favor of raising interest rates another 0.25 basis points.

This news immediately triggered computer algorithm based trades to sell the US Dollar and buy the precious metals sector with a “fade the news” reaction. As gold rose nearly 2% from major support at $1200, the junior miner ETF index GDXJ zoomed over 11.5% higher on record volume. A very impressive feat considering most of the volume took place in the last two hours of trade after the Fed announcement.

 

Full Article: Gold Now Poised to Move Higher as the Fed Rate Hike Cycle Continues

By: David Erfle

 

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