The intermediate cycle in gold (chart below) has formed turning points roughly every 128-calendar days (4.2-months). That cycle just turned again, triggering an intermediate low on August 9, 2021. Gold must now stay above that low to prevent a breakdown to the $1500 to $1550 area. KEY PRICE LEVELS A sustained breakdown (more […]
Continue Reading →Gold prices stabilized after spiking below $1700 early in the week. A close on Friday above $1760 could trigger a bullish reversal and a potential double bottom. Before we jump into the weekend, I wanted to mention the weekly chart of gold. GOLD WEEKLY: A close above $1760 on Friday would create […]
Continue Reading →Gold Forecast – Must Hold Bullish & Bearish Price Levels for Gold and Miners Metals and miners continue to climb a wall of worry out of their June lows. In this update, I provide key prices levels to monitor into August. Overall, our long-term outlook remains firmly bullish. Red Flag or […]
Continue Reading →Cyberattacks are becoming more prevalent. A few weeks ago, bad actors attacked the Colonial pipeline and now the largest meat supplier in the U.S. I believe these attacks on infrastructure and the food supply will continue. We are no longer dealing with tech-savvy hackers living in their mom’s basement. These hacks are sophisticated and perpetrated by Artificial Intelligence. […]
Continue Reading →Bitcoin Update – Prices Should Find Support Around $30,000 Bitcoin has seen a wild ride, losing over 50% from its April $65,520 high. The recent plunge appears almost over, and we see firm support surrounding $30,000. Our 2021 outlook expects new highs and an advance to $90,000+ by year-end. TECHNICAL OUTLOOK Bitcoin […]
Continue Reading →After a prolonged decline, gold miners continue to show signs of strength. The charts below support an intermediate breakout and a renewed uptrend in precious metals. If gold bottomed, as defined, it should stairstep its way back towards the $2000 level over the coming weeks/months. If you’re new to precious metals, […]
Continue Reading →-GDX- We may (finally) be getting the long-awaited bullish recognition day in miners. To strengthen this view, I’d like to see a stable close above $36.00. -NEM- We are getting a robust move in Newmont above the March high as well as the intermediate trendline. By all measures, it looks like a […]
Continue Reading →GOLD 4-HOUR CHART: Gold (currently $1732.80) was unable to break above resistance surrounding $1760 on the first attempt. Prices are pulling back and should find support between $1720 – $1740. It would take a sustained breakdown below $1715 to propose a deeper pullback. Otherwise, I’ll look for prices to stabilize and prepare for the next […]
Continue Reading →Building off last night’s GDX update, I wanted to point out additional similarities between 2016 and now. GDX 2016 CORRECTION: After a very sharp rise in 2016, miners entered a multi-month corrective phase. The 2020 pattern is following a similar path and could confirm a bottom soon. Note: The third and final breakdown (below […]
Continue Reading →The gold cycle indicator finished the week at 11. It dipped briefly to zero on Friday when gold reached $1759, but prices recovered before the US open. Consequently, we never reached an official zero reading during normal trading hours. In this week’s newsletter, I’ll cover the Fed, Interest Rates, and Asset Bubbles briefly. […]
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