What a wild week – Monday and Tuesday ended slightly negative in precious metals, and we received short-term sell signals into Wednesday’s close. Those signals were quickly annulled after Thursday’s weak retail sales numbers. By Friday’s close, the preceding bull flags in metals and miners were restored. The tail-end of an intermediate cycle (up […]
Continue Reading →Everything seems to be trading higher this morning – Gold, Silver, US Dollar, S&P 500, and Oil…all up. Several of these are inversely correlated, so it is odd to see them trading higher together. That usually indicates a false move in one or more of the above assets. We should know which market is […]
Continue Reading →Platinum remains the worst-performing precious metal. Prices are just above significant support at $750. If that level fails, then a decline to $650 is in the cards. Why is platinum out of favor – will it stay that way forever? At some point, something will cause a bottom and prices will rip to the […]
Continue Reading →Metals and Miners are up today after the abysmal retail sales numbers this morning. News driven events like this typically run out of steam relatively quickly. The potential bull flags that started in late January should have broken higher by now. Consequently, I think we will see more back and forth price action with […]
Continue Reading →Gold prices slipped to $1304.70 overnight, and spot silver hit $15.45. The 8:30 AM retail sales numbers came in much lower than expected. The poor numbers hurt stocks and oil and gave gold a quick boost to $1315.70 (currently $1313.20). Silver remains near its lows. Gold would have to rally decisively above $1322 to […]
Continue Reading →CLOSING UPDATE 2/13/2019 Metals and Miners continued to sell down after their failed morning rallies. It looks like the bull flags have been abandoned. I entered new swing trades in DSLV and JDST. I continue to hold the January 31st, 2019 DWT trade. The New Gold Predict mobile app (iOS and Android) should […]
Continue Reading →The gold trend felt a sense of urgency and prices attempted to recapture the $1320 level this morning. Silver and miners rallied, but the early morning blitz appears to be fading. The next 48-hours are crucial. Metals and miners need moderate to strong closes today followed by meaningful upside follow-through tomorrow to restore the […]
Continue Reading →The price action to start the week in metals and miners has been uninspiring. The potential flag patterns should have broken higher by now. Unless something changes quickly, the odds are beginning to favor abandoned bull flags and a breakdown. I want to see the overnight action, but I’m considering reapplying my short positions. […]
Continue Reading →-GDX- The initial surge out of the 45-day cycle low ($20.22) lasted 8-trading days. Prices have been correcting in a potential bull flag for an additional 8-days. We are at the point of no return. Miners need to break higher within the next day or two to sustain the upside potential. Failing to do […]
Continue Reading →Precious metals are starting the week lower with April gold trading around $1309, and silver at $15.70. Unless something changes, miners will open lower. The price action is choppy, but $1360 remains possible in February if gold maintains closes above $1300 this week. I’ll monitor the price action and update sometime this afternoon.
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