We are getting some downside price action in metals and miners today. I’m pretty confident this is the beginning of the November decline that should lead to a December bottom. At the moment, I do not see the sharp down swing in miners I felt was possible. That may change later today or on […]
Continue Reading →We are getting some downside follow-through after yesterdays Fed announcement. Gold (December) is below the $1213 low set last week. Silver is back below the $14.25 level. I imagine we will see miners gap lower at the open. If this is the collapse described in the GDX bull trap update, then we should see […]
Continue Reading →The seasonal pattern in gold supports an October high, a November decline, and a December Bottom. It looks like we got the October high at $1246. Next, we should see a November decline. I figured Tuesday’s elections or today’s Fed statement could trigger a potential selloff. If prices aren’t heading lower tomorrow, then we […]
Continue Reading →Gold fell below $1223 (currently $1222), and prices appear to be slipping after today’s Fed announcement. The next vital levels reside at $1218 and $1212. -GDX- If we are going to see a November breakdown, it should begin soon. If prices aren’t heading decisively lower by tomorrow or Monday, then we could be stuck […]
Continue Reading →There was very little change in the Fed statement. A hike is expected in December and more in 2019. Gold initially spiked higher – then lower, and prices are back to where they started (currently $1225). Gold would have to drop below $1223 and then $1218 to support a near-term breakdown. Rallying above $1230 […]
Continue Reading →Metals and miners are bouncing into the 2:00 PM Fed announcement. The setup for a November breakdown appears valid, but maybe I was tricked again. Let’s see what prices do after 2:00 PM. -GDXJ- Miners are bouncing a little going into the 2:00 PM Fed announcement. Let’s see how prices close. If prices continue […]
Continue Reading →Here’s a trade I’m thinking about this morning. Miners have been tricky, so I remain cautious and somewhat skeptical. I’m looking to buy JDST around the open anticipating a November breakdown in metals and miners. I’m going to keep a short leash on this trade, however, and will exit if JDST closes below $72.00. […]
Continue Reading →The stock market has been a little easier to forecast lately than gold and silver. I’m not sure why…maybe it’s because metals are so easily manipulated. Nevertheless, I think the market provided some clues today. Tomorrow’s price action could confirm. It looks like the stock market is heading higher and precious metals are about […]
Continue Reading →There are currently two open price gaps in SPY. TVIX striking the 200-day MA and the ABC measured target appears to have announced the October bottom. Below is the TVIX chart I posted October 29th at 1:22 PM. Gold and miners appear to be slowly rolling over. We should find out tomorrow or Friday […]
Continue Reading →It looks like we will have to wait for tomorrow’s FOMC announcement to see if we get a November breakdown. The Fed isn’t expected to raise interest rates, but there will be special attention paid to their language concerning December’s meeting and the likelihood for additional hikes. If metals and miners are going to […]
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