Category: Updates

  Gold probed the upper limit of the resistance band between $1525 – $1550 reaching $1546.10 this morning before falling apart. Futures collapsed to $1488.90 by 10 AM and prices are bouncing. Yesterday’s breakout above $1525, followed by today’s dynamic reversal supports an interim top. Silver reached $17.49 before collapsing to $16.51 intraday. The short-term […]

  Gold futures broke higher from the consolidation pattern reaching $1531.50 intraday (currently $1523). Gold miners (GDX) are down 1.11% as I write and making fresh intraday lows. The non-confirmation is a warning. Gold would have to extend above $1535 to maintain today’s short-term breakout. Slipping back below $1510 would signal a potential top.

  Wednesday’s surge in gold above $1500 was fueled by stock market fears and a capitulating bond market. The 10-year treasury yield crashed to 1.59% on Wednesday, and an interim low is likely.   TREASURY YIELDS CAPITULATE: The move below 1.95% in 10-year treasury yields triggered multiple capitulation signals. The selloff reached a panic extreme […]