Here are some examples of what I think may be happening. In 2016 miners topped (blue arrows) and declined to test the consolidation trendline. From the trendline test, prices bounced 1-3 days (sometimes convincingly) before a full-blown collapse. Today – Prices tested the consolidation trendline. Is this the 1-3 day bounce before a full-blown […]
Continue Reading →Metals are up, and the dollar is slipping. On Tuesday I mentioned the dollar was moving in 10-trading day increments (+/- 1-day) before correcting. Well, it looks like the dollar peaked yesterday (day 11) and prices are now correcting. I don’t know if this is just a 3-5 day pullback or the onset of […]
Continue Reading →With today’s price action I can say with about 90% confidence that gold peaked October 26th at $1246. The question now is how far will prices drop and when can we expect the next tradable bottom. Over the last 6-years, gold peaked in October (sometimes early November) and bottomed in December (once in November). […]
Continue Reading →-GDX- The gap was filled, and prices are testing the cycle trendline. Again, I don’t see a real urgency to sell metals and miners here despite broken support. I’m not sure what that means just yet, perhaps prices are looking to bounce. -SPY- I think prices may have bottomed on Monday, especially if SPY […]
Continue Reading →The stock market is moving higher, and metals are trading lower. Gold (December) reached $1216.10 this morning and prices are trading around the $1218 level. Precious metals dipped below significant levels, but we never saw expedited selling. Silver (Currently $14.34), is below the cycle trendline, but nobody’s panicking. Things could change later, but at […]
Continue Reading →It’s been pretty quiet this afternoon. Gold (December) is hanging out around the $1225 level, and silver is trading at $14.47. Miners are nearing support at their October gaps and cycle trendlines. I think prices will head lower in November – the question is will we see a rebound first or will prices breakdown […]
Continue Reading →We saw wild swings in the stock market yesterday. Prices reached 259.85, just a few ticks away from the 259 ABC measured target. The S&P 500 cash index formed an outside reversal day. Meaning prices exceeded both the high and the low of the previous session. That type of behavior is often seen near […]
Continue Reading →Volatility contracted, and the Bollinger bands narrowed significantly. Typically this precedes a sharp move. After testing $14.78, this morning silver broke lower to test the cycle trendline. I didn’t expect a significant move before the elections, so I was a little surprised. Now it could be nothing and prices may turn higher in a […]
Continue Reading →After testing $14.78 this morning, silver prices rolled over sharply and attacked $14.40. That level coincides with the cycle trendline dating back to September. Silver may try to bounce here. Gold (December) is trading around $1227. Prices recently touched the short-term support line near $1226; we may see a bounce. I think we can […]
Continue Reading →December gold spiked to new cycle highs ($1246) on continued stock market weakness. Prices will probably maintain an upward bias until the stock market firms. Stocks should stabilize around the November 6th elections. Miners are bouncing after yesterday’s earnings route. I don’t think prices will recover Tuesday’s $21.51 highs before the elections. Once this […]
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