Since August the XAU has displayed the following behavior. A sharp drop followed by a 14-day to 16-day correction that retraces between 50% and 61.8% of the previous decline. Today, prices hit the 50% retracement level and made a bearish reversal candle on the 15th day off the 75.54 low. Prices breaking below the […]
Continue Reading →Things are looking rather poor at the moment for metal miners as the bearish scenario gains momentum. However, this scenario won’t be confirmed in miners until prices break below the neckline in GDX and the HUI. Then prices need to remain below the neckline during any bounce/rally for roughly 10-trading days. The senior mining […]
Continue Reading →I might buy a little DUST if prices manage close above the trendline. Buying right now would require a stop below today’s low of $31.50 and that equates to a 20% risk; too high for me without a breakout. IF GDX drops to the bearish scenario target of $15.00-$16.00 (just a possibility right now […]
Continue Reading →THE BEARISH HEAD-AND-SHOULDER TOP IN MINERS I think we can safely say we have our line in the sand. If prices drop below $23.43, they will likely break beneath the $22.50 neckline and continue to around $20.00 before bouncing. IF the bounce is unable to retake the $22.50 level (neckline), prices will drop to […]
Continue Reading →Trading is still dangerous until gold takes out $1,337-$1,348 and therefore invalidating the correlation pattern between the 2000 chart and now. Miners are going to gap up sharply this morning, and I would consider waiting for better prices or a pullback to enter positions. I don’t see this as a time to be fully […]
Continue Reading →Early polling shows key victories for Trump in Florida, Ohio, and North Carolina. With close races in Virgina and Pennsylvania. Wisconsin has unexpectedly turned Republican, and Michigan slightly favors Trump. These numbers give Trump a significant lead. Gold traded down to $1,267 and is now rallying sharply (currently $1,328), it may reach $1,400 this […]
Continue Reading →I’d like to take a moment to explain the bearish possibility I laid out in the November update. A few members were surprised, feeling that I had somehow grown pessimistic. I assure you that is not the case. Pessimism implies a personal bias based on individual emotions. I learned a long time ago that […]
Continue Reading →Prices may be setting up for a sharper decline than I previously expected. Prices breaking below the 211 level could send things lower quickly. -SPY- Similar to the gold setup a few weeks ago if prices break below recent support (211) prices could move sharply lower. Median target would become 204.50 on a confirmed […]
Continue Reading →Metals and miners can’t seem to get enough traction for a bounce and may be setting up to break lower sooner than I expected. If prices drop next week, I’ll be watching for signs of a bottom and reversal. One more drop should complete the intermediate-term decline, and a new up cycle will likely […]
Continue Reading →Gold Prices: Looking Like A November Bottom Our works suggest that gold, silver, and miners are approximately 6-weeks away from making a significant low. Originally we anticipated an intermediate degree bottom in late September. However, prices churned sideways through all of August and September subsequently postponing The Next Great Buying Opportunity. The price […]
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