SD Midweek: Gold, silver, platinum and palladium are all poised and looking ready to rally, even if there is that open-ended problem…
On the fundamental side, today could be a very big day. Is the house going to release their tax plan today? What is the Fed going to put in its FOMC statement due to hit the tape at 2:00 p.m. EST? Are we going to get another terrorist attack?
With all the uncertainty, the “fear” barometer doesn’t even care:
Unbelievable that the VIX has gaped down. Of course, the Fed wouldn’t want any eyebrows raised going into the finishing day of the two-day meeting. There is no press conference this month, and as a reminder, nearly everybody is certain the Fed will hold and absolutely nobody believes the Fed will cut:
The dollar is starting to look more like a bear rally than a head-n-shoulders pattern:
The dollar needs to get to 96 in a hurry or it risks fizzling out on the charts. We were skeptical when we called out the forming pattern a few weeks back, because the left-side shoulder was not pronounced, but a gradually sloping descent. Sure, we could get a gradually sloping ascent up to 96, but it would be unwise to call it a bottom in the dollar. The dollar now has over three full years of strength, and our President openly wants a weaker dollar.
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