Gold prices slipped to $1304.70 overnight, and spot silver hit $15.45. The 8:30 AM retail sales numbers came in much lower than expected. The poor numbers hurt stocks and oil and gave gold a quick boost to $1315.70 (currently $1313.20). Silver remains near its lows. Gold would have to rally decisively above $1322 to […]
Continue Reading →CLOSING UPDATE 2/13/2019 Metals and Miners continued to sell down after their failed morning rallies. It looks like the bull flags have been abandoned. I entered new swing trades in DSLV and JDST. I continue to hold the January 31st, 2019 DWT trade. The New Gold Predict mobile app (iOS and Android) should […]
Continue Reading →The gold trend felt a sense of urgency and prices attempted to recapture the $1320 level this morning. Silver and miners rallied, but the early morning blitz appears to be fading. The next 48-hours are crucial. Metals and miners need moderate to strong closes today followed by meaningful upside follow-through tomorrow to restore the […]
Continue Reading →The price action to start the week in metals and miners has been uninspiring. The potential flag patterns should have broken higher by now. Unless something changes quickly, the odds are beginning to favor abandoned bull flags and a breakdown. I want to see the overnight action, but I’m considering reapplying my short positions. […]
Continue Reading →-GDX- The initial surge out of the 45-day cycle low ($20.22) lasted 8-trading days. Prices have been correcting in a potential bull flag for an additional 8-days. We are at the point of no return. Miners need to break higher within the next day or two to sustain the upside potential. Failing to do […]
Continue Reading →Precious metals are starting the week lower with April gold trading around $1309, and silver at $15.70. Unless something changes, miners will open lower. The price action is choppy, but $1360 remains possible in February if gold maintains closes above $1300 this week. I’ll monitor the price action and update sometime this afternoon.
Continue Reading →After some deliberation, I altered my short-term outlook for precious metals and miners last week. The rally out of the 45-day cycle low in miners was troubling me. The 5 to 7-day thrust was robust and on expanding volume. It’s rare for a move like that to terminate abruptly; there is almost always a […]
Continue Reading →-GDX- A close above $22.70 next week would establish a bull flag breakout. The potential target for the pattern is around $24.70. To ascertain flag targets, I add the height of the design or sometimes referred to as the “flag pole” to the base of the flag. A breakdown next week below $21.50 would […]
Continue Reading →We may see one more push higher in gold to test the $1350 to $1370 area. That may correspond with a decline in the general stock market and oil prices. I’ve been looking for oil to dip back down towards the $42.00 region in February or March. Progressive closes below $50.00 would reinforce that […]
Continue Reading →The 45-day cycle nailed the low to the precise day. What happens next is critical. I listed the bearish possibility this afternoon. Below is the bullish chance…should the Fed announce something on Wednesday that immediately displaces sentiment. -GDXJ- Today’s candle finished with the same sized body (open to close) as the preceding day. If […]
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