Precious Metals and Miners are dropping, and gold is approaching October’s $1,262.80 low (currently $1,266). If prices remain under pressure, a recognition day is likely. Remember, a recognition day is a high volume down day when bulls acknowledge a breakdown and begin to panic out of their positions. Typically, miners (GDX) will drop 3% […]
Continue Reading →Gold jumped to $1,292.50 on Friday as the stock market briefly collapsed. Stocks recovered, and gold retreated. Precious metals will remain under pressure if stocks remain buoyant. Our primary analysis has called for a breakdown in gold. The ideal scenario expected a decline in gold below $1,262 (the October low) and subsequent bottom in […]
Continue Reading →Metals and Miners declined Friday. They could be setting up to break the October lows next week. Gold dropping below $1,262 will sustain a drop to $1,180 – $1,205 over the next several weeks. If established, prices should bottom in early to mid-December. The weekly gold chart illustrates a low-profile “V” shaped basing pattern. […]
Continue Reading →Gold was up slightly today, but silver and miners weakened. Silver is testing its short-term trendline, if broken, selling could expand. A breakdown below $16.90 and then $16.80 would confirm. Miners look vulnerable. The XAU cycle has been running 21-24 trading days. The cycle may have switched (inverted) from marking lows to highs in […]
Continue Reading →Little changed from Monday’s update. Metals and Miners continue to whipsaw in either direction. Nevertheless, our primary analysis calls for a breakdown, likely before the end of next week. Gold would have to recapture $1,300 to prevent a November slump. A breakdown in gold would summon a retest of support around $1,200. I have […]
Continue Reading →Metals and Miners are rallying instead of breaking down. The trend is a mess, attempting to trade these markets is dangerous. Gold needs to break the October high ($1,308.40) or the October low ($1,262.80) for direction. Otherwise, prices will remain in a challenging range. Metals and Miners could set rebound highs this week. There […]
Continue Reading →Gold is inching closer to the October low. It’s been 20-trading days since the previous low (October 6th), and I see two potential outcomes. Scenario 1- Gold formed a short-term top on Thursday, the 19th trading day. If so, prices should break the October low ($1,262) and proceed lower. Scenario 2- Gold is yet […]
Continue Reading →Gold and Silver performed well after their October 6th reversals. Gold finished the week above $1,300 and produced a weekly morning star pattern (bullish candle formation). Silver rallied 3.70% closing back above its 200-week MA. Last weeks rally was encouraging but not enough to confirm meaningful lows. Miners were weak relative to gold and […]
Continue Reading →I posted a price forecast at www.goldeagle.com. It includes timing information that backs the second week of October for a low. Most of the information you already know. However, deeper analysis supports October 10th as a key date. GOLD FORECAST: Prices Are Setting Up For An October Low Several factors support an […]
Continue Reading →I was hopeful gold would regain the $1,300 level and rally into October. Prices jumped to $1,317 yesterday but slipped immediately back below $1,300. Failing to retake $1,300 provided valuable clues regarding the current cycle count. If correct, metals and miners should decline for another week or two before reaching the next cycle low. […]
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