Gold has formed several indication candles, and this may result in a sharp move. The bulls and bears are fighting for control. It’s unclear who will win the short-term battle. The dollar will determine the victor. Silver exploded higher from the range and closed above $17.00. If this was an actual breakout, then we […]
Continue Reading →Gold bounced to $1342 and pushed me to the edge of my comfort zone. Prices reversed Wednesday and exposed a potential clue. I don’t use Elliott Wave analysis often, but I do find specific fractal techniques beneficial. Applying this method, I see the potential for an A = C measured move in gold and […]
Continue Reading →Gold is at a major inflection point and the next few trading days will be critical. Prices are at $1356, and it would take little effort to punch through the January $1365.40 high. The next level to overcome resides at $1,377.50 (the 2016 high). That too is within striking distance. A high volume move […]
Continue Reading →The economic data released at 8:30 drove gold down to $1319. Prices quickly recovered and are trading around $1334 as I write. The dollar rallied on the news, but prices may be starting to rollover. -JNUG- I entered 25% of my previous stake at $14.10.
Continue Reading →Miners continue to look vulnerable, and GDX will likely close below the 20-day EMA. Metals are holding up a little better, but the action isn’t encouraging. To err on the side of caution, I’m taking profit on 25% on my USLV position. -USLV- I’m exiting 25% of my position at $11.86.
Continue Reading →Miners filled their gaps and reversed bullishly on good volume. I entered the final positions in JNUG and USLV this morning. My core position is fully established, and I’m overweight silver and junior miners. Today’s price action was encouraging. We are anticipating an upward bias into the first week of February. If the dollar […]
Continue Reading →Metals and Miners formed significant lows in December and prices should rally sharply in 2018. The dollar is breaking support and likely started a new bear market. Commodities, in general, should be embarking on a multi-year advance. Gold is at resistance. Closing the week above $1,300 would be very productive. Failure to break above […]
Continue Reading →Metals and Miners continue to rally out of the December lows, and a significant bottom is possible. There is still a lot more work to be done so we should curb our enthusiasm. But, I think we will look back at this period as an excellent opportunity. And if I’m correct, this could be […]
Continue Reading →Gold is testing an important resistance level, and we should soon know if prices bottomed. Silver is struggling around the $16.18 level, but prices are holding above the 10-day EMA. GDX is at resistance and prices could breakout or decline from here. Junior miners look sturdy and retain the most potential if prices indeed […]
Continue Reading →Tomorrow is FED day, and we need to be on our toes. Timing wise, I expected gold to reach a 6-month low about now. A decline to around $1,200 seemed logical after breaking the October low, but we are $45.00 above our target. Prices would have to decline sharply tomorrow and (or) Thursday to […]
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