GOLD 4-HOUR CHART: Gold (currently $1732.80) was unable to break above resistance surrounding $1760 on the first attempt. Prices are pulling back and should find support between $1720 – $1740. It would take a sustained breakdown below $1715 to propose a deeper pullback. Otherwise, I’ll look for prices to stabilize and prepare for the next […]
Continue Reading →Gold is back down to the $1700 level (currently $1703.50) as the 10-year yield pushes back towards the critical 1.60% level. I still think gold is probably near a bottom, but more downside remains possible if yields spike toward 2.0% near-term. The jump in yields could be just a knee-jerk reaction to the […]
Continue Reading →Building off last night’s GDX update, I wanted to point out additional similarities between 2016 and now. GDX 2016 CORRECTION: After a very sharp rise in 2016, miners entered a multi-month corrective phase. The 2020 pattern is following a similar path and could confirm a bottom soon. Note: The third and final breakdown (below […]
Continue Reading →The SPY is very close to testing last week 378 low. The market remains vulnerable to a potential breakdown into mid-March, similar to 12-months ago. Potential Breakdown Triggers: Senate negotiations over the $1.9 trillion stimulus turn negative or spiking interest rates are the obvious choices. I don’t know if prices will break lower, but the […]
Continue Reading →Gold has been in a downtrend since August 2020. Investors are turning bearish, and we could see a selling climax in the coming days. Our gold cycle indicator is near its maximum bullish reading, and we expect a bottom forthwith. It’s important to note that gold is approaching its pre-Covid (February 2020) high […]
Continue Reading →I believe gold (currently $1776) will test and likely undercut the November low in the next few days. That should usher in a bottom as the remaining weak hands exit their positions. I see good support around $1740, but prices could spike a bit lower temporarily.
Continue Reading →-GOLD CYCLE UPDATE- Both the September and November lows arrived about 45-trading days apart. Last Thursday’s breakdown to $1784.60 occurred 45-days after the November low. Closing back above the 50-day EMA (currently $1858.67) would prescribe a successful retest of the November low and the beginning of the next uptrend. Gold futures (currently $1845) […]
Continue Reading →Silver is under attack, and prices are back below the $27.00 level. Yesterday’s gap higher was closed, and prices are backtesting the intermediate trendline. What happens next is crucial! A close below $26.00 would establish a false breakout and bearish reversal (favorite trick of manipulators). In this scenario, silver could collapse back towards $22.00, possibly […]
Continue Reading →Below is a snippet from a Bloomberg article I’m reading. It appears physical silver dried up over the weekend. Increased demand could push prices through $28.00 resistance and trigger a sharp rally next week. Silver Coin Sites Grind to a Halt as Reddit Horde Takes Aim Retail sites were overwhelmed with demand […]
Continue Reading →-GME- You’re not going to believe this, but GME is up another 80%+ after yesterday’s 92% gain. Prices are up 1400% in January! Short sellers are getting bloodied, making them have to buy at ever-higher prices. This is nothing more than a high-risk game of musical chairs – when the music stops (prices top), […]
Continue Reading →