This looks like a classic bull flag. I’m tempted to play an upside breakout. With a flag pattern, the shorter the consolidation (in days), the more powerful the underlying move. Miners have been consolidating for 5-days (including today). The initial rally was just 4-days. Not exactly a picture of strength. I’ll see how the […]
Continue Reading →Prices are set to open around the $19.00 level. What happens after the open is important. If prices blast through and remain above the $19.23 high, then I will look for a potential top between $19.50 – $20.00. Closing above $20.00 in the coming days would sponsor a rebound to the 200-day MA. If […]
Continue Reading →-GDX- Miners gapped slightly higher, and we see follow-through after the open. I’m not sure why because gold is up just $4.00 and the dollar seems to be reversing higher. Like I said in yesterdays report – “A solid close above the $18.55 level would support a rebound to the $19.75 gap. Whereas a […]
Continue Reading →-GDXJ- I haven’t seen enough to recommend a portfolio adjustment, that will change if juniors close above $26.85 later this week. If juniors close above $26.85 in the coming days, I’ll expect a move back to (at least) the $29.00 level.
Continue Reading →The dollar is above the key 95.00 level, and a cycle low is likely. However, it will take a few more trading days before a bottom is confirmed. Gold is trading below the morning low (currently $1204.8). Prices will probably close above $1200, but the overall price action looks frail. -GDX- Miners continue to […]
Continue Reading →It looks like miners are rolling over after 11:00 AM. I’m going to increase my exposure to JDST and DLSV at this time. -JDST- It looks like miners are rolling over after 11:00 AM. I’m increasing my JDST holdings by 25%. -DSLV- I’m increasing my DSLV holdings by 25%.
Continue Reading →Consumer sentiment dropped to a 7-month low, but it came in above estimates. Gold and the Dollar continue in their sideways consolidations that began Tuesday. Neither has done enough to confirm or deny a breakdown. -GDX- I’m curious if this bear flag is a little too obvious. It seems like the perfect setup for […]
Continue Reading →Gold rallied overnight to $1214.90. It needs to get above $1215 to support another attack on $1220. Prices are pulling back and trading near $1208.50 as I write. Gold needs to hold $1206 and turn higher in the coming hours to support another advance. Below $1204 and the short-term pattern will likely break lower. […]
Continue Reading →The Dollar is bouncing, but it hasn’t done enough to support a cycle low. So technically, this could be just a 1-3 day rebound. -DOLLAR (4-HOUR) CHART- I’m skeptical about a cycle low in the Dollar until prices close decisively above the green trendline. -GDX- Miners are poised to close below the $18.80 level […]
Continue Reading →The dollar rallied sharply between 9:00 – 9:30 AM. Prices reached the 94.90 level. The morning push broke above the 14-day cycle trendline. However, prices would have to close above 94.94 (currently 94.77) on a daily basis to support a new cycle advance. Gold declined from $1212.80 to $1202.10 as the dollar rallied. Prices […]
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