I’d like to start the Weekend Newsletter with a big picture review of the gold and silver markets. It’s easy to get lost in the day-to-day fluctuations. When cycles stretch, I find taking a step back essential. Below is a snippet from the 6/17/2017 WEEKEND NEWSLETTER. -2017 BREAKOUT?- The multi-year correction is similar to […]
Continue Reading →Metals and Miners are testing Tuesday’s spike just before tomorrow’s non-farm payroll report. Increased volatility is likely. Where prices close the day is key. The MFI indicators for both gold and silver have diverged negatively since the beginning of August. This doesn’t guarantee an interim top, but it signifies a fading cycle. It’s not […]
Continue Reading →It’s been one fake-out after another in the precious metal sector. Investors have been awaiting a major breakout in gold once prices climbed above $1,300. Friday’s rally reached $1,306.90 and promptly reversed, potentially creating a bull trap. Likewise with miners. GDX gapped higher in the morning only to end below the previous days low. […]
Continue Reading →Metals and Miners showed signs of topping after Friday’s employment report. Weekly dollar prices spiked down to the 200-week MA and reversed. If the dollar finally bottomed, we should see a 4-8 week recovery. Metals and Miners should soften as the dollar bounces. The dollar broke key technical support during the 7-Month decline. Consequently, […]
Continue Reading →The gold cycle has been topping every 34-35 trading days. It has been 36 trading days since the June $1,298 high. The sequence is ripe for a peak. Forming a swing high is the first step in achieving a top. The Dollar dropped to major support at 93.00; prices are well-overdue for a rebound. […]
Continue Reading →We are seeing subtle signs of topping today in metals and miners. The Dollar tested significant support around 93.00 and is trying to rally. Gold and Silver could form swing highs if they close below today’s intraday low’s tomorrow. -GOLD CYCLE HIGHS- Gold has been topping every 34-35 trading days. If the cycle count […]
Continue Reading →Metals continue their rebound. The rally in miners lacks conviction and trading volume is light. We still expect another decline in metals and miners. 10-year Treasury yields dropped to fill the June gap after breaking out. If yields bottom and begin to rally, metals and miners should start to rollover. -US DOLLAR- Prices […]
Continue Reading →Gold and Silver are popping to new Intra-week highs. If they hold these gains into the close, an interim rebound will be established. Gold should engage resistance between $1,235 and $1,250. However, an extended recovery could push prices back to test the $1,260 – $1,265 zone during the last week of July. The rebound […]
Continue Reading →Metals and Miners are stuck in neutral. They haven’t advanced enough to confirm a bounce nor have they weakened sufficiently to initiate the next decline. Closing lower again tomorrow could set the table for another drop. Rebound or not, we expect lower prices before reaching a sustainable bottom. The price pattern in GDX requires […]
Continue Reading →The dollar continues to search for a bottom. Prices have been declining for 6-months, and nearly everyone is bearish. The extremly bearish sentiment should lead to a base….eventually. I would buy the current dollar weakness if gold were breaking out to new highs; prices remain below the April/June $1,298 double top. Our expectations for […]
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