Gold slumps to new low

Posted on Posted in Daily Blog Post

I did tell you a few weeks ago at least two times, Gold has not bottomed yet. If you heed my call, probably you won’t buy at all and you may go and short sell like us. My members today have reaped much bigger profits as Gold plummets another $10.00

Will Gold drops further far below $1000.00? My Cycle Timing model together with my mathematical calculation should be able to tell you about the correct timing. Yes, it is not far away but the Cycle wave length can always be shortened or lengthened. If shortened, it is just round the corner to embark a new bull Cycle but if it is lengthened, the major low might need another year to manifest. My Timing model is able to adjust and make sure we are on the right track.

Gold futures settled sharply lower on Monday, sending prices for the metal back to their lowest level since early 2010 as the U.S. dollar got a boost from growing expectations that the Federal Reserve will raise interest rates in December.

U.S. interest-rate hike is a near certainty in December and therefore the focus is on U.S. dollar

San Francisco Federal Reserve President John Williams on Saturday reiterated the case for raising interest rates in December. That provided a boost to the dollar and strength in the greenback can pressure prices for dollar-denominated commodities such as gold.

Meanwhile, more stimulus may be introduced by European Central Bank President Mario Draghi also plays a part in boosting the dollar

The dollar upsurge was pressuring commodities across the board. High-grade copper for December delivery HGZ5, -2.21%  fell 3.4 cents, or 1.7%, to $2.021 a pound on Comex, holding at six-year lows.

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