Gold was up slightly today, but silver and miners weakened. Silver is testing its short-term trendline, if broken, selling could expand. A breakdown below $16.90 and then $16.80 would confirm. Miners look vulnerable. The XAU cycle has been running 21-24 trading days. The cycle may have switched (inverted) from marking lows to highs in […]
Continue Reading →Little changed from Monday’s update. Metals and Miners continue to whipsaw in either direction. Nevertheless, our primary analysis calls for a breakdown, likely before the end of next week. Gold would have to recapture $1,300 to prevent a November slump. A breakdown in gold would summon a retest of support around $1,200. I have […]
Continue Reading →Metals and Miners are testing Tuesday’s spike just before tomorrow’s non-farm payroll report. Increased volatility is likely. Where prices close the day is key. The MFI indicators for both gold and silver have diverged negatively since the beginning of August. This doesn’t guarantee an interim top, but it signifies a fading cycle. It’s not […]
Continue Reading →The gold cycle has been topping every 34-35 trading days. It has been 36 trading days since the June $1,298 high. The sequence is ripe for a peak. Forming a swing high is the first step in achieving a top. The Dollar dropped to major support at 93.00; prices are well-overdue for a rebound. […]
Continue Reading →Metals continue their rebound. The rally in miners lacks conviction and trading volume is light. We still expect another decline in metals and miners. 10-year Treasury yields dropped to fill the June gap after breaking out. If yields bottom and begin to rally, metals and miners should start to rollover. -US DOLLAR- Prices […]
Continue Reading →Metals and Miners are stuck in neutral. They haven’t advanced enough to confirm a bounce nor have they weakened sufficiently to initiate the next decline. Closing lower again tomorrow could set the table for another drop. Rebound or not, we expect lower prices before reaching a sustainable bottom. The price pattern in GDX requires […]
Continue Reading →The dollar continues to search for a bottom. Prices have been declining for 6-months, and nearly everyone is bearish. The extremly bearish sentiment should lead to a base….eventually. I would buy the current dollar weakness if gold were breaking out to new highs; prices remain below the April/June $1,298 double top. Our expectations for […]
Continue Reading →Gold and Silver prices refuse to turn lower. The next swing high in metals should be enough to form a top. The May employment numbers will be released tomorrow at 8:30, expect volatility in the morning. I will attempt to post an update before the open. The US Dollar remains under pressure. However, it’s […]
Continue Reading →The US Dollar broke down sharply today, but I think prices are nearing a significant bottom. Today’s move may be a false breakdown before a sustained move higher. I will be watching prices closely for signs of bottoming this week. Gold finally confirmed the third daily cycle. Prices are nearing resistance. The dollar and […]
Continue Reading →The big news today was gold’s inability to rally significantly despite an extremely weak dollar. Today’s action supports a maturing and fatigued gold cycle. However, prices still need to close below $1,283 to form a swing high and then beneath the 10-day EMA to reinforce a top. Silver and Miners made swing highs, completing […]
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