The stock market declined sharply overnight, and gold is breaking out of its consolidation pattern (currently $1241). We could be witnessing an undercut low in stocks. If correct, prices should reach fresh correction lows and bottom sometime this week. That’s my guess at the moment; price action needs to confirm. Miners are set to […]
Continue Reading →Juniors tagged the 10-day EMA and reversed. The bullish flag pattern remains intact. Closing below the 10-day would hurt the bull flag setup. If prices are going to break higher, they need to do so within the next few trading days, or the pattern will fall apart. I considered removing my JDST hedge to […]
Continue Reading →This looks like a classic bull flag. I’m tempted to play an upside breakout. With a flag pattern, the shorter the consolidation (in days), the more powerful the underlying move. Miners have been consolidating for 5-days (including today). The initial rally was just 4-days. Not exactly a picture of strength. I’ll see how the […]
Continue Reading →The November 6th elections will influence investment decisions, and money flows for the next several months. There are two potential “extreme outcomes” that would potentially cause the greatest shift in financial assets. Extreme outcome 1: We see a blue wave, and Democrats gain control of both the House and the Senate. Probably bad for […]
Continue Reading →Since last week miners have opened two price gaps. Gaps tend to get filled, so the odds favor a decline or pullback to fill the gaps at $20.00 and $18.75, at some point. For example, prices are about to fill the $20.50 price gap that opened in August.
Continue Reading →Prices are set to open around the $19.00 level. What happens after the open is important. If prices blast through and remain above the $19.23 high, then I will look for a potential top between $19.50 – $20.00. Closing above $20.00 in the coming days would sponsor a rebound to the 200-day MA. If […]
Continue Reading →After a 6-month advance, it looks like the stock market may be rolling over into an intermediate decline. Downside follow-through next week will confirm. Algo-trading makes up approximately 90% of daily trading activity. Occasionally, when all the stars align, these systems flood the market with sell orders and trigger a 1-3 day flash crash. […]
Continue Reading →Much will be decided tomorrow. Metals and Miners could break either way. Prices will respond to interest rate expectations. Gold will remain under pressure as long as interest rates continue on a steady path higher. Gold should rally if the Fed appears dovish. I’ll post multiple updates throughout the day. -US DOLLAR- The […]
Continue Reading →-GDX- Miners gapped slightly higher, and we see follow-through after the open. I’m not sure why because gold is up just $4.00 and the dollar seems to be reversing higher. Like I said in yesterdays report – “A solid close above the $18.55 level would support a rebound to the $19.75 gap. Whereas a […]
Continue Reading →-GDXJ- I haven’t seen enough to recommend a portfolio adjustment, that will change if juniors close above $26.85 later this week. If juniors close above $26.85 in the coming days, I’ll expect a move back to (at least) the $29.00 level.
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