Gold finished on Friday with a bearish engulfing candle. I think prices topped and we should see a pullback. The severity and duration of the next correction will tell us if we should be positioned for higher or lower prices in Q1. At 20-weeks the intermediate cycle is quite mature, at some point, gold […]
Continue Reading →Before I leave, I wanted to go over a double bottom formation. It’s possible we have one in junior miners. Prices will either fail and decline or prices could breakout. Included are of examples of good breakouts. Note: Above average volume and tall candles should accompany the breakout. -XAU (JUNIOR MINING INDEX)- To […]
Continue Reading →Great question from a member below. Good morning, I just checked various gold mine stocks (Barrick, Kinross, Harmony, Anglo Ashanti, First Majestic) and at the end GDX. To me, it looks pretty much like the start in 2016. This seems to be the breakout. I am aware that gold is close to the […]
Continue Reading →To know where we are in the markets, first, we need to understand where we are in the broader economic landscape. The US stock market is weaker than I anticipated going into year-end. I felt stocks would reach new highs after an October slump. Instead, they have fallen to new lows. Bearishness abounds, and […]
Continue Reading →Remember the green Fed-Day arrows? Gold initially broke lower on Wednesday, reversed, and then overtook the upper Fed arrow ($1258.40). Prices remained above $1265 for a time, and it looked like gold was headed higher. Gold is now back below the upper arrow. And if prices continue lower and slip below $1,245, we would […]
Continue Reading →Stocks are trying to rally. Closing above yesterday’s high 250.16 would establish a swing low and support the potential for an undercut bottom. Not much to report concerning metals and miners. They are more or less unchanged from yesterday. Their next move depends on the stock market. If stocks bottom, then gold should begin […]
Continue Reading →Are US stocks in a bear market or is this just a correction? I can’t recall a bear market in stocks topping like this. It is almost always a process. Generally speaking, prices don’t just top and then plunge into a bear market. For that reason, I’ve viewed this as a broad, intermediate correction. […]
Continue Reading →Here’s another example of a massive reversal day like we had in miners yesterday. Prices bounced the following day but quickly turned back lower. I expect the same result this time. Miners would have to close above yesterday’s $21.47 high to unwind the bearish reversal. Yesterday’s reversal dwarfs the one from January in both […]
Continue Reading →Change of plans. I’m lowering my stop on JDST to below yesterday’s $52.53 low. I’m tired of this market bullying investors, and I’m willing to risk a lower stop.
Continue Reading →Markets reversed somewhat overnight, and it looks like the dollar is breaking down. Gold is back above the Fed announcement level, and prices look poised to exceed yesterday’s high ($1,262.20). Remember, key resistance continues between $1266 – $1270. It would take a weekly close above $1270 to support a year-end run to $1300 – […]
Continue Reading →