It took some time to get the answers, but it looks like metals and miners just peaked. The Fed was not as dovish as they sounded back in November. Miners surged into resistance and reversed suddenly. GDX nearly nailed the ABC target on the head. The huge post-Fed selling in miners typically registers a […]
Continue Reading →-GDX- Prices are overbought, at multiple resistance levels and reversing. The conventional signs point to a top. If confirmed, I’ll expect a decline to fresh lows and a sustainable bottom in early 2019. -GDXJ- This should end the ABC flat correction. If true, then I’ll expect better prices early next year. Markets have been […]
Continue Reading →I think the Fed was more hawkish than most expected. They hiked rates 0.25% and see two additional hikes next year (instead of three). They lowered their neutral target from 3% to 2.8%. Their goal is to run one hike above neutral and stop in 2019. This news should be bearish for precious metals […]
Continue Reading →Miners continue to selloff, and the ABC correction appears complete. Of course, it’s too soon to know for sure. To restore the bullish posture – miners would have to reverse course after the Fed announcement and close above today’s high $21.47. The Fed announces at 2:00, I’ll post again around 2:20 PM (EST).
Continue Reading →At the moment it looks like miners hit the precise C-wave target cited yesterday and topped. Let’s see what happens after the Fed announces. I said today would be volatile. Juniors reversed hard as well. Let’s see how they finish.
Continue Reading →The dollar is down, but it hasn’t broken support. Metals and miners are up. I’m still surprised at the sudden rise in miners before the Fed announcement. That is the type of action you expect after a significant decision – not before. It leads me to believe that prices are about to top dramatically or […]
Continue Reading →Tomorrow will be a volatile and decisive day. Sometimes the initial reaction after a big Fed announcement is misleading. It can take a day or two to read between the lines and acquire the correct market direction. I’m a little surprised by the bidding up of miners heading into tomorrow’s announcement. However, there was […]
Continue Reading →The HUI/GLD ratio is approaching critical resistance. Since early 2017 most advances in the mining/gold ratio terminated after spiking briefly above the 200-day MA. The green downtrend line has kept the ratio in check. Will this area defeat prices once again? If history is a guide, we could see the ratio spike over the […]
Continue Reading →The next 72-hours are critical. It seems nearly every market is at a significant tipping point. Tomorrow’s Fed decision will either extend or reverse the current trends. Expect increased volatility. -GOLD- It looks like prices are trying to break higher from the small bull flag. Resistance coordinates between $1258 – $1270. If we […]
Continue Reading →It looks like commodities, measured by the CRB are descending into multi-year lows. If I’m correct about oil, we should see a significant bottom in the first quarter (Q1) of 2019. Precious metals typically bottom before oil and the CRB. I think gold will bottom in December – January at the latest. The indecision […]
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