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Market Review:
What the FOMC says… Oh Wait, Only 3 More Days in July
This market changed quickly from reacting to the news, to closing out the month. The monthly closeouts for most of this year have been rallies, and thus far, July does not seem different. We set a new high for the year yesterday after the FOMC and set another one in overnight trading. If the market can stay near the high, then after the end of this month, August starts with a bit of a head start.
Dangers lurk though. Not just from this morning's ECB announcement and Press conference. Later this evening, or Friday morning in Tokyo, the Bank of Japan (BoJ) will have its say. While the FOMC and the ECB are doing what is expected, the BoJ potentially could do something rather dramatic. However, there is a caveat. The BoJ has declined this potential before. Pressures are mounting, and if the BOJ does decide eventually to make a move on rates, it could be the most important news of the week.
Take a look at a 30-minute chart of Gold. Since setting this week's low on Tuesday Gold has moved in a familiar pattern. Rally, hold, rally, pullback slightly, rally, hold. That is what a bullish market looks like. Silver charts are similar with two exceptions. One, the low was set on Monday instead of Tuesday. And Two, Silver seems a bit more… lively.
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