Gold and Silver rallied today, but miners underperformed on a relative basis. The relative weakness sustains our outlook for lower prices this Spring. The dollar should reach a cycle low between now and Monday. Consequently, I’m anticipating the rebound in precious metals to halt once the dollar bottoms. I will monitor for signs of […]
Continue Reading →Miners rallied nicely yesterday, further endorsing interim lows. However, gold and silver are yet to establish proper swings and the potential for a decline after the FED meeting remains. In the Weekend Newsletter, I noted how gold and silver had a tendency to bottom shortly after the rate hike. The odds for a rate […]
Continue Reading →Miners are testing yesterday’s highs, and we may have an interim low if prices close above them. A bounce should last 1-2 weeks. The first line of resistance arrives around $23.00. -GDX- Prices are testing yesterday’s high. A daily cycle low is likely if prices hold this level or better into the close. The […]
Continue Reading →The employment numbers arrived at 235,000, with a 4.7% unemployment rate; a positive report. Gold and Silver are beginning to rally. If miners close above yesterday’s high’s, then we should have a daily cycle low. Prices should rally for 1-2 weeks, once the low is established. I’ll assess the rally/bounce for strength and durability. […]
Continue Reading →COULD THE 8-YEAR CYCLE STILL BE ALIVE? A few weeks ago, I noted the divergence forming between metals and miners. Gold and Silver rallied into March, but miners dropped extensively, breaking below their 50-day EMA’s. This behavior is distinctly bearish, and I’m reevaluating the potential for a decline into an 8-year cycle by […]
Continue Reading →Tomorrow should signify a key day in metals and miners. Either prices will bottom and begin to bounce/rally, or they could enter the second phase of a selloff. I mention the latter because it’s been 8-trading days since the recognition day and prices usually bottom by now. A close above the previous day’s high […]
Continue Reading →Each day we inch closer to a daily cycle bottom in metals and miners. Prices are far enough from the recognition day that any close above the previous day’s high should signal the low. How prices bounce/rally out of the approaching low will determine the next 2-3 months. -GDX- A close above $21.64 […]
Continue Reading →I don’t see evidence of a bottoming just yet in metals and miners. I will monitor the action throughout the day and update if anything changes. Gold may test $1,200 before attempting a low. Oil is trading lower. I’d like to see it drop below $51.22 later this week to maintain our analysis.
Continue Reading →Metals and Miners should be close to reaching an interim daily cycle low, likely this week. How prices react out of that low will establish the near-term outlook (next 3-Months). Miners look particularly close to bottoming. I will use any close above the previous day’s high as a short-term buy signal (for nimble traders). […]
Continue Reading →Oil reached a high of $53.80 today and prices should close for the fourth time below the 10-day EMA. I’m entering 25% of my position today with a stop just above today’s high. If prices selloff from here I’ll add to my shorts when there is a clear breakdown in MFI or close below […]
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