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 […]
Continue Reading →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.
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →Gold, Silver, and Miners are extending their cycles higher. The miners should gap up higher this morning, and this is the move I attempted to catch last week. I guess it was slightly delayed. Prices should seek out cycle highs this week. I will be watching the miners for clues throughout the day. How […]
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