-GDX- The gap was filled, and prices are testing the cycle trendline. Again, I don’t see a real urgency to sell metals and miners here despite broken support. I’m not sure what that means just yet, perhaps prices are looking to bounce. -SPY- I think prices may have bottomed on Monday, especially if SPY […]
Continue Reading →The stock market is moving higher, and metals are trading lower. Gold (December) reached $1216.10 this morning and prices are trading around the $1218 level. Precious metals dipped below significant levels, but we never saw expedited selling. Silver (Currently $14.34), is below the cycle trendline, but nobody’s panicking. Things could change later, but at […]
Continue Reading →Not a lot to add tonight. The elections are a week away, and those results will shape our year-end outlook. Markets could remain choppy for the next week or so. I’ll continue to look for directional clues and update daily. I don’t expect to make any significant trades until after the elections. However, I […]
Continue Reading →It’s been pretty quiet this afternoon. Gold (December) is hanging out around the $1225 level, and silver is trading at $14.47. Miners are nearing support at their October gaps and cycle trendlines. I think prices will head lower in November – the question is will we see a rebound first or will prices breakdown […]
Continue Reading →We saw wild swings in the stock market yesterday. Prices reached 259.85, just a few ticks away from the 259 ABC measured target. The S&P 500 cash index formed an outside reversal day. Meaning prices exceeded both the high and the low of the previous session. That type of behavior is often seen near […]
Continue Reading →Volatility contracted, and the Bollinger bands narrowed significantly. Typically this precedes a sharp move. After testing $14.78, this morning silver broke lower to test the cycle trendline. I didn’t expect a significant move before the elections, so I was a little surprised. Now it could be nothing and prices may turn higher in a […]
Continue Reading →After testing $14.78 this morning, silver prices rolled over sharply and attacked $14.40. That level coincides with the cycle trendline dating back to September. Silver may try to bounce here. Gold (December) is trading around $1227. Prices recently touched the short-term support line near $1226; we may see a bounce. I think we can […]
Continue Reading →This is starting to feel like a repeat of the 2016 elections, financially speaking. Nervous capital exited the stock market in September/October 2016 before the elections. Gold rebounded in October 2016 as a safe-haven. Trump won, fear collapsed, and money rushed back into stocks and out of gold. We see a similar setup this […]
Continue Reading →December gold spiked to new cycle highs ($1246) on continued stock market weakness. Prices will probably maintain an upward bias until the stock market firms. Stocks should stabilize around the November 6th elections. Miners are bouncing after yesterday’s earnings route. I don’t think prices will recover Tuesday’s $21.51 highs before the elections. Once this […]
Continue Reading →Not much going on this morning. Gold (December) reached $1241.20 as the stock market sank to fresh lows. Stocks are attempting to recover, and gold is backing off…for the moment. After reaching $1243 on Tuesday gold has been consolidating in a small triangle formation. Prices will likely break higher from the pattern on additional […]
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