Home > Gold Traders Brace For Federal Chairman Ben Bernanke (GLD, GDX, GDXJ, IAU, SGOL)

Gold Traders Brace For Federal Chairman Ben Bernanke (GLD, GDX, GDXJ, IAU, SGOL)

October 18th, 2011

Richard Rittorno: U.S. monetary policy comes back into play for precious metals markets with today’s speech from Fed Chairman Ben Bernanke.

Bernanke is scheduled to speak this afternoon about the impact of the Great Recession on the way central banks conduct themselves and tomorrow the Beige Book regional economic conditions survey will be released.

As with any of Bernanke’s speeches, traders will be listening for any indication of QE3-type program that expands the Fed’s balance sheet in the future.

Have you ever wondered how billionaires continue to get RICHER, while the rest of the world is struggling?

"I study billionaires for a living. To be more specific, I study how these investors generate such huge and consistent profits in the stock markets -- year-in and year-out."

CLICK HERE to get your Free E-Book, “The Little Black Book Of Billionaires Secrets”

If any such language pops up today, the question turns to what it going wrong in the economy to make added stimulus necessary. In that case, upcoming economic data — starting with the Beige Book — become even more crucial.

The technical outlook for gold has changed little in the past three weeks, with gold prices trading in a $1,653 to $1,703 range.

Bullion has shown a bearish posture by printing the candle formation called “three inside down,” which is simply a large up or bullish candle followed by two down or bearish candles within — or inside — its price range.

This candle formation is setting up sellers to challenge the horizontal support at $1,653 and any break to the downside will expose gold prices to the next support level at $1,620.

One the easiest ways to gain exposure to gold is through the SPDR Gold Trust ETF (NYSE:GLD), which seeks to replicate the price performance of gold bullion by holding the physical metal.

Written By Richard Rittorno For Emerging Money

Emerging Money provides insightful and timely information about the increasingly important world of Emerging Market investments. CNBC Emerging Markets Contributor Tim Seymour leads the team of Emerging Money to bring you cutting edge global news and analysis.



Tags: , , , , , , ,

Facebook Comments


  1. No comments yet.
  1. No trackbacks yet.

Copyright 2009-2015 WBC Media, LLC