The 1-hour gold chart is backtesting yesterday’s breakout above $1416. It looks like buyers stepped in near $1417 (currently $1425.90). Spot prices would have to slip below $1416 and then break support between $1400 – $1404 to recommend a potential reversal. The final near-term support level sits at $1385. A close below that would […]
Continue Reading →Spot gold is currently trading around $1387. Last night’s spike to $1397.70 registered a new multi-year high. On the surface, it looks like gold prices are finally breaking out. But as we are well aware, the market manipulators and algo’s are masterful at painting the tape to get people on the wrong side of […]
Continue Reading →Spot gold prices are jumping as I write, currently at $1387 (prices touched $1397.70 shortly ago). Where prices open tomorrow (9:30 AM) will be enlightening. Maintaining $1387 – $1397 through Friday would support a significant breakout. But if prices slip overnight and open tomorrow below $1362, I’d suspect a top and pile on the […]
Continue Reading →Gold is testing its major breakout level, and it’s fate likely depends on the result of the June 19th Fed announcement. What they decide will determine if gold breaks immediately higher or if prices will top and slip back to support between $1200 – $1220 this fall. If gold breaks higher, a short covering […]
Continue Reading →Gold prices broke higher on Friday over stock market fears. Prices closed above $1310, and it looks like the 6-month low bottomed in May. Gold miners broke higher from their triangle consolidations at the 45-day cycle turning point. A little upside follow-through next week will support a new advance. Silver and Platinum are lagging […]
Continue Reading →Precious metals and miners could reach cycle lows by the end of this week. I think we could see a bottom within the next 3 to 5 trading days. Ideal support for gold arrives between $1250 and $1260.six Silver is testing major support around $14.00. I suspect prices will hold, but we could see […]
Continue Reading →The cleanest cycle I can find is the XAU junior mining index. Prices have formed turning points every 45-trading days since September. It arrives again May 31st and should time the next low. -XAU- The 45-day cycle in the XAU has been quite accurate timing the last four turning points. The next one is […]
Continue Reading →I’m going to start with the chart of miners. I believe it paints an appropriate picture of the current situation. Cyclically speaking, I believe the next turning point will appear next week. Unfortunately, it remains unclear if prices will top or bottom at that time. Miners have been correcting for several weeks. The moving […]
Continue Reading →Metals and miners are bouncing as the stock market and oil selloff. Yesterday’s weakness in miners looked like the beginning of a pattern breakdown. Today, miners are higher, and anyone that bought the bearish breakdown is underwater. I remain focused on the last week of May for a probable cycle turning point. If stocks […]
Continue Reading →It’s been a wearisome grind lower in precious metals over the last three months. Cyclically speaking, we should be approaching the next 6-month low. I see the potential for a bottom at the end of May if prices drop a bit further. So I think we’re close to a tradable bottom. Gold miners have […]
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