Gold was unable to make any headway going into next weeks Fed meeting…not surprising. Nevertheless, multiple factors continue to support a low. Both the weekly RSI and MFI are deeply oversold. The COT numbers are incredibly bullish. More bullish than they were last July when prices rallied $150+ in 8-weeks. Sentiment is bearish and […]
Continue Reading →The persistent 3-month decline in gold cut much deeper than I anticipated. As the cycle extended, gold broke key levels at $1280, and $1238. This renewed calls for a bear market and imminent collapse. I remain firmly bullish on the yellow metal and believe the washout period is over. Member after member reached out […]
Continue Reading →Will the 6-Month cycle ever bottom? It seems like the assault will never end, investors (including myself) are beyond their breaking point. I’ve seen this many times, and I can assure you prices will bottom. It’s been 30-weeks, and gold is yet to confirm a low. However, miners remain stable and are just 6% […]
Continue Reading →There is a cyclical nature to almost everything in life and gold is no different. During the good times (2001-2011), gold rallied year-after-year, and everyone was excited. In tough times (2011-2015) prices declined year-after-year and dreams were crushed. Where are we now you ask? I believe we are transitioning into another run of “Good […]
Continue Reading →We are in the worry stage surrounding 6-month lows. Prices may have bottomed, but it’s unconfirmed. If metals and miners remain buoyant next week, I’ll give the all clear and confirm the 6-month lows. If prices weaken and close below key support, we may see one more dip. Miners are diverging positively from gold […]
Continue Reading →Gold is approahing an important low and I see two potential scenarios. Scenario 1) Prices formed 6-month lows on Tuesday, and a new rally is just getting started. Scenario 2) This is just a 3-5 day bounce and prices will rollover and bottom within a week or two. The COT for gold is neutral […]
Continue Reading →The dollar rallied on Friday and gold finished lower. We will find out next week if this is just a pullback or the beginning of a more profound correction in gold. The evidence isn’t overpowering, but I see subtle clues supporting a basic pullback. Over the last year, we’ve been conditioned to expect little […]
Continue Reading →Gold’s COT improved with commercials reducing their short positions by 32,330 contracts. However, it remains moderately bearish at 351,473. The non-commercial (large speculators) in silver increased their net-short position for the third straight week. Again, the last time we saw this was in 2003 (see bullish silver chart). There was mild selling on strength […]
Continue Reading →Metals and Miners rolled over on Wednesday, but the ensuing decline was lackluster. I was expecting a substantial breakdown before the weekend. Gold dropped below $1313 on Friday, but it was unable to crack the $1309 zone. To setup a low next week, gold needs to drop below $1300. The probabilities for a March […]
Continue Reading →The dollar should rally and peak around the time of the March 21st Fed meeting. However, prices reversed at the 50-day EMA and are exhibiting the initial signs of a top. It could turn out to be nothing, but if the dollar peaked, then gold may have put in a premature bottom. Next weeks […]
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