Overnight gold declined to $1,307.40, and a breakdown below $1300 was nigh. Unfortunately, prices reversed around 2:00 AM and closed the day at $1,317.80. The odds for a bottom forming around the time of the Fed meeting are fading; it’s time to build alternative scenarios. The key levels going forward are $1310 and $1343 […]
Continue Reading →Metals and Miners rolled over on Wednesday, but the ensuing decline was lackluster. I was expecting a substantial breakdown before the weekend. Gold dropped below $1313 on Friday, but it was unable to crack the $1309 zone. To setup a low next week, gold needs to drop below $1300. The probabilities for a March […]
Continue Reading →Gold bounced to $1342 and pushed me to the edge of my comfort zone. Prices reversed Wednesday and exposed a potential clue. I don’t use Elliott Wave analysis often, but I do find specific fractal techniques beneficial. Applying this method, I see the potential for an A = C measured move in gold and […]
Continue Reading →The dollar should rally and peak around the time of the March 21st Fed meeting. However, prices reversed at the 50-day EMA and are exhibiting the initial signs of a top. It could turn out to be nothing, but if the dollar peaked, then gold may have put in a premature bottom. Next weeks […]
Continue Reading →Gold is at a major inflection point and the next few trading days will be critical. Prices are at $1356, and it would take little effort to punch through the January $1365.40 high. The next level to overcome resides at $1,377.50 (the 2016 high). That too is within striking distance. A high volume move […]
Continue Reading →The economic data released at 8:30 drove gold down to $1319. Prices quickly recovered and are trading around $1334 as I write. The dollar rallied on the news, but prices may be starting to rollover. -JNUG- I entered 25% of my previous stake at $14.10.
Continue Reading →Miners continue to look vulnerable, and GDX will likely close below the 20-day EMA. Metals are holding up a little better, but the action isn’t encouraging. To err on the side of caution, I’m taking profit on 25% on my USLV position. -USLV- I’m exiting 25% of my position at $11.86.
Continue Reading →Yesterday’s sharp selloff may have been a fleeting event, we should know later today. Perhaps it was an overly aggressive gap fill, or maybe it was manufactured by a large institution. Whatever the case, as long as metals and miners remain above yesterday’s selloff lows, I’ll look to our early February targets. However, closing […]
Continue Reading →Miners filled their gaps and reversed bullishly on good volume. I entered the final positions in JNUG and USLV this morning. My core position is fully established, and I’m overweight silver and junior miners. Today’s price action was encouraging. We are anticipating an upward bias into the first week of February. If the dollar […]
Continue Reading →The dollar appears to be breaking lower and I’m going to add the final tranches of USLV and JNUG. Both miners (GDX/GDXJ) filled their gaps, and prices are trying to reverse. Final USLV at $11.45 Final JNUG at $17.90 I’ll be out of the office until 5:00 PM. The SCO trade will likely get […]
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