Each day we inch closer to a daily cycle bottom in metals and miners. Prices are far enough from the recognition day that any close above the previous day’s high should signal the low. How prices bounce/rally out of the approaching low will determine the next 2-3 months. -GDX- A close above $21.64 […]
Continue Reading →I don’t see evidence of a bottoming just yet in metals and miners. I will monitor the action throughout the day and update if anything changes. Gold may test $1,200 before attempting a low. Oil is trading lower. I’d like to see it drop below $51.22 later this week to maintain our analysis.
Continue Reading →Metals and Miners should be close to reaching an interim daily cycle low, likely this week. How prices react out of that low will establish the near-term outlook (next 3-Months). Miners look particularly close to bottoming. I will use any close above the previous day’s high as a short-term buy signal (for nimble traders). […]
Continue Reading →Oil reached a high of $53.80 today and prices should close for the fourth time below the 10-day EMA. I’m entering 25% of my position today with a stop just above today’s high. If prices selloff from here I’ll add to my shorts when there is a clear breakdown in MFI or close below […]
Continue Reading →Miners are bouncing a bit today, but it’s unclear if prices bottomed. Volatility is high. I’d wait for signs of a bottom before attempting short-term long positions. -GDX- I’m seeing some buying coming into miners this morning. I’m not sure if it will continue, but a daily close above $22.12 (yesterday’s high) would […]
Continue Reading →Today marks the sixth trading day from last Monday’s recognition day in miners. Gold and Silver have dropped a little more, and I’m expecting an interim low by Thursday. However, it will likely just be a bounce lasting 1-2 weeks before another drop. Playing the rebound may be difficult, and I’m not sure it’s […]
Continue Reading →If this was a genuine breakout, miners should be soaring today. Their lack of enthusiasm suggests prices are building a divergent top. Gold and Silver are at fresh highs, but Miners are still trading near their 10-day EMA’s. Gold needs to get through the $1,250-$1,258 zone to extend this rally. Otherwise, we may see […]
Continue Reading →Silver made a new high on Friday, but gold is yet to confirm that move. Gold and Miners need to exceed Wednesday’s highs to continue this rally. If prices fail to print fresh highs next week, they risk rolling over into a broader correction. I’d use Friday’s lows or your breakeven point (if you […]
Continue Reading →Miners are approaching key resistance levels, and they are entering another timing window where a top could form. A top isn’t guaranteed, so I won’t attempt shorting here. If prices begin to rollover, I’ll revise and update our correction targets. -GDX- Prices are approaching triple resistance at the 50% retracement, 200-day MA, and […]
Continue Reading →My timing window for a cycle low was wildly unsuccessful; we are now faced with two scenarios. Scenario 1- Metals and Miners put in abnormally shallow cycle lows January 27th, and we are 5-days into a new cycle. Scenario 2- This cycle is expanding due to continued dollar weakness, and the correction is still […]
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