Category: Updates

MORNING UPDATE (possible bottom) 8:46 AM

Fri, 10 Mar 2017

  The employment numbers arrived at 235,000, with a 4.7% unemployment rate; a positive report. Gold and Silver are beginning to rally. If miners close above yesterday’s high’s, then we should have a daily cycle low. Prices should rally for 1-2 weeks, once the low is established. I’ll assess the rally/bounce for strength and durability. […]

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MORNING UPDATE 9:08 AM

Thu, 9 Mar 2017

  Each day we inch closer to a daily cycle bottom in metals and miners. Prices are far enough from the recognition day that any close above the previous day’s high should signal the low. How prices bounce/rally out of the approaching low will determine the next 2-3 months.   -GDX- A close above $21.64 […]

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MORNING UPDATE

Wed, 8 Mar 2017

  I don’t see evidence of a bottoming just yet in metals and miners. I will monitor the action throughout the day and update if anything changes. Gold may test $1,200 before attempting a low. Oil is trading lower. I’d like to see it drop below $51.22 later this week to maintain our analysis.

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OIL POSITION

Tue, 7 Mar 2017

  Oil reached a high of $53.80 today and prices should close for the fourth time below the 10-day EMA. I’m entering 25% of my position today with a stop just above today’s high. If prices selloff from here I’ll add to my shorts when there is a clear breakdown in MFI or close below […]

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MINERS AND OIL UPDATE

Tue, 7 Mar 2017

  Miners are bouncing a bit today, but it’s unclear if prices bottomed. Volatility is high. I’d wait for signs of a bottom before attempting short-term long positions.   -GDX- I’m seeing some buying coming into miners this morning. I’m not sure if it will continue, but a daily close above $22.12 (yesterday’s high) would […]

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MORNING UPDATE

Tue, 7 Mar 2017

  Today marks the sixth trading day from last Monday’s recognition day in miners. Gold and Silver have dropped a little more, and I’m expecting an interim low by Thursday. However, it will likely just be a bounce lasting 1-2 weeks before another drop. Playing the rebound may be difficult, and I’m not sure it’s […]

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METALS AND MINING UPDATE

Thu, 23 Feb 2017

  If this was a genuine breakout, miners should be soaring today. Their lack of enthusiasm suggests prices are building a divergent top. Gold and Silver are at fresh highs, but Miners are still trading near their 10-day EMA’s. Gold needs to get through the $1,250-$1,258 zone to extend this rally. Otherwise, we may see […]

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MINERS NEARING KEY RESISTANCE

Mon, 6 Feb 2017

  Miners are approaching key resistance levels, and they are entering another timing window where a top could form. A top isn’t guaranteed, so I won’t attempt shorting here. If prices begin to rollover, I’ll revise and update our correction targets.   -GDX- Prices are approaching triple resistance at the 50% retracement, 200-day MA, and […]

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ADP EMPLOYMENT UPDATE

Wed, 1 Feb 2017

  The ADP employment numbers revealed that 246,000 private sector jobs were created in January, compared to just 151,000 jobs in December. It appears small companies are gearing up for lower Trump tax rates, decreased regulation and perceived fiscal stimulus. This mindset is supporting stocks. A strong stock market is likely to put pressure on […]

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GOLD CYCLE UPDATE

Mon, 23 Jan 2017

  The common gold cycle usually averages between 22-26 trading days between turning points. I fully expected a cycle low to form this time, but it now looks like we will see a high instead. We are 24-trading days into the current cycle, and prices should top between now and Wednesday. Then prices should reach […]

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