The 4-hour spot gold chart may be morphing into a triangle consolidation. If correct, then gold should hold support between $1380 – $1390 and eventually breakout above $1425 to new highs. In the meantime, silver and platinum are playing catchup exceeding their June highs.
Continue Reading →The July 31 Fed announcement is shaping up to be a pivotal event. I think it will either validate a breakout in US stocks or send prices sharply lower. If stocks continue to rally after the Fed decision, then we will likely see an advancing uptrend and energy stocks and oil may begin to […]
Continue Reading →Gold and miners started the morning higher, and prices may be trying to break higher form their potential bull flags. Upside follow-through tomorrow would register the onset of the next advance and an end to the 2-week consolidation. -GLD- Prices are testing the upper flag boundary in GLD. A close above 134.10 would […]
Continue Reading →In a healthy bull market, the surprises come to the upside. Meaning, pullbacks or consolidations are brief – just a week or two. Gold has been consolidating for about two weeks; it feels like it’s make or break time. To build upon June’s momentum, both metals and miners need to break higher relatively soon. […]
Continue Reading →Friday’s positive employment report took the chances for a 0.50% rate cut off the table at the July 31st Fed meeting. The odds for a .25% cut remain near 100%. The dollar rallied on the jobs report, and gold slipped. The S&P 500 is nearing significant resistance between 2990 – 3050, where a more […]
Continue Reading →President’s Trump and Xi met at the G20 and announced they wouldn’t increase tariffs as they attempt to restore trade negotiations. The dollar and stock market responded positively; gold tanked. The kneejerk reaction in gold was reversed entirely today. I think the rally in metals and miners can extend if we get decent upside […]
Continue Reading →Gold reached several milestones in June 2019. Prices finished the month and subequally the quarter above $1400. The MACD for the quarterly gold chart crossed over bullishly for the first time since 2013. After an arduous 6-year bottoming process, I think it’s safe to say gold started a new bull market. Now, that doesn’t […]
Continue Reading →Gold is holding above $1400, and it feels like prices are consolidating the recent moves. The dollar is below its key 200-day MA. I see the potential for a small bear flag. If the dollar breaks lower, then we could see another jump in metals and miners. Platinum could be forming a W-bottom. Closing […]
Continue Reading →Gold futures reached a high of $1442.90 on Tuesday. Prices slipped after the Fed walked back some of the markets rate cut expectations, likely profit-taking. Currently, gold is testing the first support level between $1400 and $1404. To maintain the potential for a runaway move, I think that area needs to hold. If it […]
Continue Reading →Gold reached $1442.90 intraday before profit-taking sent prices back to test the short-term break out near $1416. In the June 9th newsletter, I wrote, “If gold breaks higher, a short covering bonanza could take prices quickly $1450.” We nearly reached that level today. The recent momentum thrust in gold and miners was quite powerful; […]
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