Miners were clobbered today because of weak earnings, and the odds favor October highs. Prices may bounce or consolidate into the elections, but I think the overall direction is lower into November/December. Of course, a major political shift on November 6th could change things instantly. An October top in gold remains possible as long […]
Continue Reading →It appears earnings are causing the route in miners. Newmont Mining (NEM) fell more than 8% to $29.12 in midday trading Thursday, after the company reported a loss of $145 million, or 27 cents a share, during the third quarter, compared with profits of $206 million, or 38 cents a share, a year earlier. […]
Continue Reading →Remember the neckline from the inverse head and shoulder pattern? Sometimes prices will sink to backtest that level before turning back higher (called a throwback). The neckline currently rests between $19.00 – $19.10. If prices decisively break that level then only the $18.71 gap and cycle trendline remain. Let’s see what happens at the […]
Continue Reading →Gold is more or less flat from yesterday (around $1232), but GDX is down 2.65%. Prices are coming into support at the 20/50 day crossover and the $19.25 level. I’m not sure if this is another fakeout and prices will reverse or if this is the beginning of a legitimate breakdown. I’m leaning towards […]
Continue Reading →December gold reached an overnight high of $1242. Prices are currently trading back near the $1235 level. Gold remains buoyant as a safe-haven as the stock market falters. Prices may continue higher if stocks remain weak. Gold would have to break below $1228 and then $1222 to support a downswing. I think there is […]
Continue Reading →-GDX- Miners are below yesterday’s lows, and we could get a swing high. However, I’d like to see miners close below Monday’s $19.68 low before advising an October top. With the elections less than 2-weeks way, prices could stay rangebound into early November. -SPY- It looks like stocks want to drop a little further […]
Continue Reading →The dollar is up 0.58%, and it looks like prices are breaking out above the inverse head and shoulder neckline. The reaction in gold has been mild. December gold is down a few dollars (currently $1229.70). Gold would have to decline and close below the $1220 level to support a top. I’ll update after […]
Continue Reading →Metals and miners started strong, but follow-through was lacking. We may have failed breakouts in GDX and GDXJ. The prices action tomorrow should provide some transparency. Yesterday’s lows and today’s highs have become key pivots. Closing above today’s highs would restore the bull flag potential. Whereas, closing below yesterday’s lows would recommend an October […]
Continue Reading →Stocks reversed the massive morning gap and are trading back near the 200-day MA. There’s a lot of trading left so anything can happen between now and the close. Nevertheless, finishing the day above the 200-day MA would be potentially bullish. However, to recommend a bottom, prices would have to close above the 10-day […]
Continue Reading →I’m adding to SSO and will continue to build this position on weakness.
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