When I look at precious metals, I see the potential for a decisive breakout starting any day. One potential trigger could be a UAW strike, which could tip the economy into recession. If the Fed surprises markets and hikes in September or November, we could get one final flush out in […]
Continue Reading →We should know within the next few trading days if gold intends to breakout above $2080 and rally to new all-time highs. I’ll be watching gold miners closely for clues. Below are my current thoughts on GDX. -GDX- The top panel shows MFI is near-term overbought (blue arrows). A […]
Continue Reading →I noticed something in the bitcoin chart I wanted to share. If the pattern repeats, we could see another big drop in bitcoin soon. BITCOIN CORRELATION: Prices broke critical support after the Terra Luna collapse and consolidated for 30 days before entering a true capitulation. I see a similar setup after the FTX […]
Continue Reading →Tesla Price on the Verge of Collapse? The price chart of Tesla is on the edge of a cliff. Twitter haters may use TSLA shares as a bearish Proxy since they can no longer short the stock. Breaking below the 2021 lows could trigger a cascading decline. Tesla Price Chart Below is the […]
Continue Reading →Today is election day in the US, so it’s best to take daily fluctuations with a pinch of skepticism. Nevertheless, if today’s upside follow-through holds, I’d consider it very bullish for precious metals. -GDX- Gold miners are breaking out above the short-term trendline over significant dollar weakness. As I write, gold futures are […]
Continue Reading →With gold futures slipping to $1725, it’s time to revisit the cycle count and potential scenarios for September. GOLD CYCLE: Gold has been forming cycle lows every 40 to 44-trading days (blue arrows). What do all these lows have in common? Fed rate hikes. The next low should arrive around September 14 […]
Continue Reading →The annual inflation rate rose to 9.1%, surpassing the 8.8% estimate. The odds for a 1.00% hike on July 27th have risen to 48.7% from 9.4% yesterday. -GDX- Miners are forming a bullish engulfing candle after closing the gap at $26.00. It’s still early, but a close above $27.00 would be encouraging. […]
Continue Reading →-DOW- With Tesla finally cracking, I think we could now see an extremely sharp selloff. How prices close today could paint a picture for next week. Note- Metals and miners could get dragged lower with the markets. I would view that as temporary and a long-term buying opportunity.
Continue Reading →The meltdown in crypto is getting worse, and Tether is beginning to lose its peg to 1.00. Tether is the third-largest cryptocurrency and has a market cap near $80-billion. There has been a lot of speculation that Tether is a fraud or a Ponzi scheme. I’ve studied it, and agree […]
Continue Reading →The W-bottom in miners, silver, and platinum is remarkably similar to what transpired in late 2015 and early 2016 as we started a new Fed rate hiking cycle. The correlation may hold some good news and the potential for an explosive rally starting soon in precious metals. GDX 2015 & 2016: We […]
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