Gold and silver reacted as anticipated, but the unexpected strength in miners surprised me. Miners have a tendency to lead precious metals, so the sudden change got my attention. However, the reversal on Friday may have marked a top. We need to see follow-through to the downside to be sure. Prices closing above the […]
Continue Reading →Gold and silver are bouncing modestly out of the oversold conditions. I was anticipating gold prices to remain below $1,170 and silver below $16.60. Miners, on the other hand, have exceeded my expectations for an oversold rally and could be signaling a bottom. If the miners take out key levels (outlined below), I’ll change […]
Continue Reading →The probabilities favor precious metals sinking further into a major 8-year cycle low. Traditional cycle timing suggests a bottom by the first quarter of 2017, most likely in February. If this is the case, then selling should expand during the next down leg; particularly in silver as it catches up to gold. Silver prices […]
Continue Reading →Silver closed below $15.80 on a weekly basis and selling could increase if daily prices close below $15.68. The optimal timing window for an 8-year cycle low is in February 2017. Selling should expand in the coming weeks if gold and silver are indeed dropping to new lows. Prices could consolidate a bit longer […]
Continue Reading →As a technical analyst, I formulate market opinions and anticipate price behavior that aligns with my interpretation. If things don’t unfold in as projected, then my outlook may need altering. Below are my current expectations. If we are dropping into an 8-year cycle low, I’d expect to see increased selling in silver and miners […]
Continue Reading →The Odds Favor A Potential Bottom For Gold Prices Next Week The last two months have been difficult for precious metal investors, and many have turned bearish. Prices have swung wildly in both directions whipsawing even experienced traders into submission. The charts have been difficult to decipher since October, to put it mildly. Nevertheless, […]
Continue Reading →Since August the XAU has displayed the following behavior. A sharp drop followed by a 14-day to 16-day correction that retraces between 50% and 61.8% of the previous decline. Today, prices hit the 50% retracement level and made a bearish reversal candle on the 15th day off the 75.54 low. Prices breaking below the […]
Continue Reading →Next week is critical for metals and miners Gold prices have been at a major inflection point for several weeks. There are two ways to interpret the current cycle count, one bullish and one temporarily bearish. The first suggests prices made an intermediate low Thursday at $1,162.20 and that the bull market is about to […]
Continue Reading →THE TALE OF TWO CYCLES We currently sit in a precarious position regarding the cycles I follow. The intermediate (6-month) gold cycle is the primary mechanism behind roughly 70% of our timing decisions and therefore a vital component of our system. Our medium-term outlook has fluctuated between bullish and bearish the last few weeks and […]
Continue Reading →THE TECHNICAL BREAKDOWN IN GDX The senior mining ETF has officially broken the “NECKLINE” I often referred to in my updates. It looks like prices are headed to perhaps the $20.00 level before they will generate a bounce. If the bounce is unable to retake the neckline ($22.50), then prices will drop to my head-and-shoulder […]
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