Little changed from the previous update. Gold, Silver, and GDXJ all broke their October 31st pivot lows, GDX hasn’t. The setup for a sharp 3-5 day decline remains. However, if it’s going to happen, it should occur relatively soon. Like I said, maybe gold needs to fall below $1200 before we see a significant drop in miners.

I think it’s telling that gold was unable to follow-through higher after prices jumped to $1239.30 on November 1st. Now we have a lower low, and the cycle is rolling over. The next step in the seasonal pattern is breaking the cycle trendline, perhaps next week.

The Weekend Newsletter will be out Sunday.