Miners were clobbered today because of weak earnings, and the odds favor October highs. Prices may bounce or consolidate into the elections, but I think the overall direction is lower into November/December. Of course, a major political shift on November 6th could change things instantly. An October top in gold remains possible as long […]
Continue Reading →Metals and miners started strong, but follow-through was lacking. We may have failed breakouts in GDX and GDXJ. The prices action tomorrow should provide some transparency. Yesterday’s lows and today’s highs have become key pivots. Closing above today’s highs would restore the bull flag potential. Whereas, closing below yesterday’s lows would recommend an October […]
Continue Reading →Much will be decided tomorrow. Metals and Miners could break either way. Prices will respond to interest rate expectations. Gold will remain under pressure as long as interest rates continue on a steady path higher. Gold should rally if the Fed appears dovish. I’ll post multiple updates throughout the day. -US DOLLAR- The […]
Continue Reading →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 →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 →I believe tomorrow will be a decisive day and much hinges on Fed chairman Powell’s 10:00 AM speech. President Trump has hinted that he wants the Fed to back off on increasing rates. I doubt they will listen, but you never know. Like I said, a September rate hike is already baked in. Everyone […]
Continue Reading →Metals and Miners are inching their way higher. It will take time to determine if this is just an ordinary rebound lasting 1-2 weeks or the start of a more meaningful advance. If you didn’t get a chance, check out the 2016/2018 gold correlation chart. Prices reached their lows 3-trading days ago; we are […]
Continue Reading →It’s difficult not to seek answers when prices are going against you. Bearish articles calling for $700 gold, a major breakdown and the bearish death-cross attract nervous investors. These are the emotions that create significant bottoms/tops. In my opinion, prices are merely stretching within an overly aggressive 6-month cycle decline, likely orchestrated by big […]
Continue Reading →Metals and Miners followed through higher and gold closed above $1300, 6-month lows are likely. I’d like to see gold rally a bit further and close above $1,309 next. If gold bottomed at $1281 as I suspect, this next cycle should finally take prices above $1400 and establish a bull market breakout. Silver and […]
Continue Reading →Gold continues to weaken, and a breakdown below $1310 is becoming likely (currently at $1314). Silver dropped to fresh lows (now $16.36). If gold breaks sharply below $1310 and then $1303 I’ll look for a bottom around Friday’s employment report.
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