The stalemate between gold and the dollar continues. The dollar failed to rally above yesterday’s highs and prices settled below the cycle trendline. Conversely, gold’s short-term pattern can still be viewed as corrective if the $1200 area holds. Miners tested but held their lower bear flag boundaries. However, the path of least resistance is […]
Continue Reading →The Dollar is bouncing, but it hasn’t done enough to support a cycle low. So technically, this could be just a 1-3 day rebound. -DOLLAR (4-HOUR) CHART- I’m skeptical about a cycle low in the Dollar until prices close decisively above the green trendline. -GDX- Miners are poised to close below the $18.80 level […]
Continue Reading →The dollar rallied sharply between 9:00 – 9:30 AM. Prices reached the 94.90 level. The morning push broke above the 14-day cycle trendline. However, prices would have to close above 94.94 (currently 94.77) on a daily basis to support a new cycle advance. Gold declined from $1212.80 to $1202.10 as the dollar rallied. Prices […]
Continue Reading →I think it will be a decisive day in gold and the dollar. The dollar (currently 94.61) needs to break above 94.95 and 95.10 to support a cycle low. Whereas breaking below 94.42 would recommend a decline to 93.75 or even 93.00 in the coming days. Gold (December) slipped a little overnight (currently $1208), […]
Continue Reading →The dollar is rolling over slowly, and prices are below the 94.65 level cited in the morning update (currently 94.63). I figured that would be enough to push gold above the $1215 level. However, prices haven’t responded as I suspected (now $1212). So either the rally in gold is delayed, or the dollar needs […]
Continue Reading →Gold (December) held above the $1206 level overnight, and prices are currently trading around $1210. A sustained move above $1215 would support another run at the $1220 level. The Dollar (currently 94.84) is approaching resistance near 95.00, touching 94.93 earlier this morning. Prices are at a crossroads. Above 95.00 – 95.10 and the cycle […]
Continue Reading →Buyers came to rescue as the Dollar breached the June/July support line. This corresponded with gold attacking key resistance at $1220. The Dollar reversed, and Gold rolled over. Technically speaking, the dollar hasn’t declined far enough to support a cycle low. Today’s reversal was likely trend chasers buying support expecting a turnaround. I’m hesitant […]
Continue Reading →Gold (December contract) is coming into support between $1206 – $1200, currently at $1207. There is a convergence of short-term trendlines and retracement levels between $1198 – $1200. This area needs to hold tonight and tomorrow to make another attack on $1220. The shorts defended $1220 well today and don’t want to see this […]
Continue Reading →Miners are overreacting to the downside as gold is trading just 0.25% below yesterday’s close. GDX gapped higher at the open and prices are trading below yesterday’s lows, a bearish engulfing day is likely. I’d be surprised if this were the end of a counter-trend bounce for two reasons. First, I think the dollar […]
Continue Reading →The Dollar is dropping into a cycle low, and prices should slip a little further before bottoming. If correct, then metals and miners should extend their rallies before entering a multi-day correction. Gold ran into resistance at $1220; this is a key level. Prices are pulling back (currently at $1214). Above $1220 and short […]
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