The dollar is rolling over slowly, and prices are below the 94.65 level cited in the morning update (currently 94.63). I figured that would be enough to push gold above the $1215 level. However, prices haven’t responded as I suspected (now $1212). So either the rally in gold is delayed, or the dollar needs […]
Continue Reading →Gold (December) held above the $1206 level overnight, and prices are currently trading around $1210. A sustained move above $1215 would support another run at the $1220 level. The Dollar (currently 94.84) is approaching resistance near 95.00, touching 94.93 earlier this morning. Prices are at a crossroads. Above 95.00 – 95.10 and the cycle […]
Continue Reading →Buyers came to rescue as the Dollar breached the June/July support line. This corresponded with gold attacking key resistance at $1220. The Dollar reversed, and Gold rolled over. Technically speaking, the dollar hasn’t declined far enough to support a cycle low. Today’s reversal was likely trend chasers buying support expecting a turnaround. I’m hesitant […]
Continue Reading →Gold (December contract) is coming into support between $1206 – $1200, currently at $1207. There is a convergence of short-term trendlines and retracement levels between $1198 – $1200. This area needs to hold tonight and tomorrow to make another attack on $1220. The shorts defended $1220 well today and don’t want to see this […]
Continue Reading →Miners are overreacting to the downside as gold is trading just 0.25% below yesterday’s close. GDX gapped higher at the open and prices are trading below yesterday’s lows, a bearish engulfing day is likely. I’d be surprised if this were the end of a counter-trend bounce for two reasons. First, I think the dollar […]
Continue Reading →The Dollar is dropping into a cycle low, and prices should slip a little further before bottoming. If correct, then metals and miners should extend their rallies before entering a multi-day correction. Gold ran into resistance at $1220; this is a key level. Prices are pulling back (currently at $1214). Above $1220 and short […]
Continue Reading →Miners held their gains after 11:00 AM and prices are near the highs of the days. It’s not the spirited recognition day I’ve been expecting, but it’s constructive nonetheless. Ideally, prices will maintain their momentum into the close and set up another rally tomorrow.
Continue Reading →Miners held up well, relatively speaking, as gold declined in May and June. In July, psychology shifted, and miners began overreacting to the downside. For example, gold declined just 0.75% last Thursday, but miners finished 3%+ lower. To support a meaningful bottom, miners need to begin overreacting to the upside. We see a little […]
Continue Reading →Gold is at a pivotal point. Prices dropped $200 since April’s botched breakout attempt. We have a failed cycle and prices collapsed below support at $1200. The moving averages are down and trending lower. The charts – well are frankly bearish. Gold needs to mount a miraculous turnaround to revive the bullish potential. Factors […]
Continue Reading →After several months of weakness, precious metals are finally beginning to perk up. It’s the first time in a while gold reacted positively to Fed-related news. It feels like a fundamental/physiological shift may be taking hold. I believe last weeks $1167.10 low in gold was the much belated 6-month low. Currency fluctuations, record short-selling, […]
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