Is gold starting another leg higher, or is this just a news-driven (Warren Buffet – Barrick Gold), potential Bull Trap before the next decline? The next 48-hours are crucial. Gold and miners are rallying on news of Warren Buffet’s stake in Barrick Gold (GOLD). Is this story enough to extend the already stretched advance […]
Continue Reading →Last week I noted the potential for a spike-high in gold and silver surrounding Friday’s employment report. Prices peaked at $2089.20 on Friday and immediately began to correct. With the spike high now complete, we should see a multi-week correction into September, followed by another powerful rally. The near-vertical rise in precious metals over […]
Continue Reading →Gold is about to test the $2100 level while the S&P 500 is nearing its pre-coronavirus February peak. It feels like we are entering a crucial and potentially volatile period. I think things may start to selloff if Congress continues to defer a second stimulus package. Tomorrow’s employment data could trigger a multi-week correction […]
Continue Reading →The Dollar and Gold remain near potential reversal levels. The daily RSI (14) in the Dollar dropped below 20 last week, supporting the potential for a near-term bottom. Gold is above $2000, and we could see prices spike higher over the next 72-hours. Friday’s employment report could be the trigger event. We are in […]
Continue Reading →I see the potential for a spike high in gold this week. The days surrounding Friday’s employment report are crucial. If the dollar bottoms around 92, that could trigger a multi-week correction in gold, potentially severe. The US dollar spiked to 103.96 during the March liquidation. Prices are down over 10% from that peak; […]
Continue Reading →Gold prices are within striking distance of the all-time high set in 2011 ($1923). In my opinion, it would be unusual for prices to breakout to new all-time highs on the first try (typically there is a prolonged consolidation). Consequently, I still think prices could peak and begin a correction back towards $1550. Note: […]
Continue Reading →Futures reached an intraday high of $1807.70 before sinking back below $1800 (currently $1778). As long as prices stay below $1820, a top is becoming possible. To help promote a top, I’d like to see prices first close below $1770, but a breakdown below $1750 is needed to confirm. GOLD DAILY TARGET: To support […]
Continue Reading →-GDX- Miners gapped above the $34.00 price level and the short-term trendline. If today’s gap holds (prices stays above $34.00), we could have a short-term breakout. Reminder- A top in gold is possible this week if futures fail to breakout above $1800.
Continue Reading →I think metals and miners are approaching a cycle top. Silver has been leading gold higher, and that often happens at the end of an intermediate-term advance. To extend the current advance, gold would have to break decisively above $1800 and silver above $21.23 (the 2016 high). With the stock market’s rebounding, fear and […]
Continue Reading →The market meltdown in March skewed the cycle for gold. Initially, I expected a cycle low at the end of May. Now, I think the sequence may be inverting, and we could get a top at the end of May instead. I’ll be on the lookout for a marginal break above the April $1788.80 […]
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