Category: Updates

Gold Forecast – Preparing For An Autumn Low

Fri, 13 Sep 2019

  Gold futures are trying to hold support near $1500 ahead of next weeks Fed announcement. Our intermediate forecast supports a pullback into October/November. A backtest of the $1380 breakout area could become one of the last great buying opportunities.  Sometimes one chart can some up years of commentary. For an eagles-eye view, I prefer the […]

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GOLD UPDATE AUGUST 13, 2019

Tue, 13 Aug 2019

  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 […]

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AFTERNOON UPDATE 3:30 PM

Mon, 12 Aug 2019

  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.

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GOLD REACHED SIGNIFICANT RESISTANCE

Thu, 8 Aug 2019

  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 […]

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GOLD SETS ITS SIGHTS ON $1500

Tue, 6 Aug 2019

  The June breakout above $1370 signaled a new bull market in gold. The initial surge took gold to $1442.90 before prices entered a running consolidation. A “running consolidation” has an upward bias due to enthusiastic buying versus a traditional downward sloping correction. Monday’s close above $1470 registered a short-term breakout, and this wave higher […]

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MORNING UPDATE 11:48 AM

Wed, 17 Jul 2019

  -GDX- Miners appear to be breaking higher as spot gold is testing the upper triangle boundary near $1425. -GOLD 4-HOUR CHART- Miners and silver are leading gold higher. To confirm the next up leg in metals, gold needs to close decisively above $1425 and then take out the June $1442.90 high. Failure to make […]

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QUICK GOLD UPDATE 10:24 AM

Tue, 16 Jul 2019

  The 4-hour spot gold chart may be morphing into a triangle consolidation. If correct, then gold should hold support between $1380 – $1390 and eventually breakout above $1425 to new highs. In the meantime, silver and platinum are playing catchup exceeding their June highs.  

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AFTERNOON UPDATE JULY 10, 2019

Wed, 10 Jul 2019

  Gold and miners started the morning higher, and prices may be trying to break higher form their potential bull flags. Upside follow-through tomorrow would register the onset of the next advance and an end to the 2-week consolidation.   -GLD- Prices are testing the upper flag boundary in GLD. A close above 134.10 would […]

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TUESDAY REPORT JULY 9, 2019

Tue, 9 Jul 2019

  In a healthy bull market, the surprises come to the upside. Meaning, pullbacks or consolidations are brief – just a week or two. Gold has been consolidating for about two weeks; it feels like it’s make or break time. To build upon June’s momentum, both metals and miners need to break higher relatively soon. […]

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MORNING GOLD UPDATE 9:10 AM

Thu, 27 Jun 2019

  Gold futures reached a high of $1442.90 on Tuesday. Prices slipped after the Fed walked back some of the markets rate cut expectations, likely profit-taking. Currently, gold is testing the first support level between $1400 and $1404. To maintain the potential for a runaway move, I think that area needs to hold. If it […]

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