Gold finished on Friday with a bearish engulfing candle. I think prices topped and we should see a pullback. The severity and duration of the next correction will tell us if we should be positioned for higher or lower prices in Q1. At 20-weeks the intermediate cycle is quite mature, at some point, gold […]
Continue Reading →Before I leave, I wanted to go over a double bottom formation. It’s possible we have one in junior miners. Prices will either fail and decline or prices could breakout. Included are of examples of good breakouts. Note: Above average volume and tall candles should accompany the breakout. -XAU (JUNIOR MINING INDEX)- To […]
Continue Reading →To know where we are in the markets, first, we need to understand where we are in the broader economic landscape. The US stock market is weaker than I anticipated going into year-end. I felt stocks would reach new highs after an October slump. Instead, they have fallen to new lows. Bearishness abounds, and […]
Continue Reading →Remember the green Fed-Day arrows? Gold initially broke lower on Wednesday, reversed, and then overtook the upper Fed arrow ($1258.40). Prices remained above $1265 for a time, and it looked like gold was headed higher. Gold is now back below the upper arrow. And if prices continue lower and slip below $1,245, we would […]
Continue Reading →Are US stocks in a bear market or is this just a correction? I can’t recall a bear market in stocks topping like this. It is almost always a process. Generally speaking, prices don’t just top and then plunge into a bear market. For that reason, I’ve viewed this as a broad, intermediate correction. […]
Continue Reading →Here’s another example of a massive reversal day like we had in miners yesterday. Prices bounced the following day but quickly turned back lower. I expect the same result this time. Miners would have to close above yesterday’s $21.47 high to unwind the bearish reversal. Yesterday’s reversal dwarfs the one from January in both […]
Continue Reading →Change of plans. I’m lowering my stop on JDST to below yesterday’s $52.53 low. I’m tired of this market bullying investors, and I’m willing to risk a lower stop.
Continue Reading →Markets reversed somewhat overnight, and it looks like the dollar is breaking down. Gold is back above the Fed announcement level, and prices look poised to exceed yesterday’s high ($1,262.20). Remember, key resistance continues between $1266 – $1270. It would take a weekly close above $1270 to support a year-end run to $1300 – […]
Continue Reading →It took some time to get the answers, but it looks like metals and miners just peaked. The Fed was not as dovish as they sounded back in November. Miners surged into resistance and reversed suddenly. GDX nearly nailed the ABC target on the head. The huge post-Fed selling in miners typically registers a […]
Continue Reading →-GDX- Prices are overbought, at multiple resistance levels and reversing. The conventional signs point to a top. If confirmed, I’ll expect a decline to fresh lows and a sustainable bottom in early 2019. -GDXJ- This should end the ABC flat correction. If true, then I’ll expect better prices early next year. Markets have been […]
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