The one-hour chart of April gold is back down testing the 200-period Moving Average. I don’t know how many more times gold can test that level before there is a failure. I was stopped out of the NUGT trade with a profit just below $21.72. The USLV position has an active stop remaing just […]
Continue Reading →We have a divergence between gold and miners on their intraday 1-hour chart. Gold is trending slightly higher while miners are down. GOLD 1-HOUR GDX 1-HOUR It’s unclear how this will resolve; one is likely to play catchup into the close. Meaning, gold will either begin dropping with miners or miners will reverse […]
Continue Reading →April gold slipped back to test the 200-period MA at $1327.30 this morning before bouncing. To support another attempt at $1350 prices would have to recapture the $1340 level convincingly. Slipping below $1323 would likely trigger another wave of selling. Same with silver. Below the 200-period on the 1-hour chart would support a breakdown. […]
Continue Reading →Over the last few years whenever gold approaches the $1360 level, the price action gets a little volatile…perhaps even violent. One day the short-term model supports an upside breakout – the next day a failure. It’s like two heavyweight boxers going at it. You know somebody’s going to take a nap, but you’re not […]
Continue Reading →Gold (April) is holding around $1328, and silver is staging near $15.80. There is no clear direction at the moment. Gold would have to retake $1330 decisively intraday to support a rally attempt. Declining below $1320 could trigger another wave of selling. Support for silver remains around $15.70, below that and prices could tumble. […]
Continue Reading →The Noon selloff below $1330 in April gold could be one of two things. 1) It could be the beginning of a sharp selloff later this week. 2) It’s a low-volume manipulation to shake out bulls before higher prices. Today’s close and Tomorrow Morning’s price action will tell us which scenario. If prices start […]
Continue Reading →Several of the charts below are at critical junctures. They are all at or very near their potential breakout points. Within the next few days, I think prices will either top and turn back lower or break actively higher. These are just examples and not trade recommendations. If prices do break higher, I’ll consider […]
Continue Reading →Gold is approaching the long-term breakout zone near $1380. The next few trading days are critical. If prices are going to breakout, then gold should slice through the $1360-$1380 level with ease. Failing to breakout above $1380 will set the stage for a 2 to 4-week pullback into the next 6-month cycle low. If […]
Continue Reading →Unfortunately, I’ve been driving somewhat blind without the crucial COT data. The 35-day government shutdown delayed that aspect of our analysis. It would be nice to know where the commercials stand. Below is GDX as of about 3:20 PM. -GDX- Miners are inching higher this afternoon. The last 15-30 minutes could get interesting. […]
Continue Reading →Precious Metal Investors (myself included) have been beaten down trying to trade these markets over the last 3-5 years. Are investors expecting a breakout? I bet there are fewer bulls now than during last April’s breakout attempt. If the masses aren’t expecting it – then, a breakout is possible. Below are key levels […]
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