Gold probed the upper limit of the resistance band between $1525 – $1550 reaching $1546.10 this morning before falling apart. Futures collapsed to $1488.90 by 10 AM and prices are bouncing. Yesterday’s breakout above $1525, followed by today’s dynamic reversal supports an interim top. Silver reached $17.49 before collapsing to $16.51 intraday. The short-term […]
Continue Reading →Gold futures broke higher from the consolidation pattern reaching $1531.50 intraday (currently $1523). Gold miners (GDX) are down 1.11% as I write and making fresh intraday lows. The non-confirmation is a warning. Gold would have to extend above $1535 to maintain today’s short-term breakout. Slipping back below $1510 would signal a potential top.
Continue Reading →Wednesday’s surge in gold above $1500 was fueled by stock market fears and a capitulating bond market. The 10-year treasury yield crashed to 1.59% on Wednesday, and an interim low is likely. TREASURY YIELDS CAPITULATE: The move below 1.95% in 10-year treasury yields triggered multiple capitulation signals. The selloff reached a panic extreme […]
Continue Reading →The June breakout above $1370 signaled a new bull market in gold. The initial surge took gold to $1442.90 before prices entered a running consolidation. A “running consolidation” has an upward bias due to enthusiastic buying versus a traditional downward sloping correction. Monday’s close above $1470 registered a short-term breakout, and this wave higher […]
Continue Reading →-GDX- Miners appear to be breaking higher as spot gold is testing the upper triangle boundary near $1425. -GOLD 4-HOUR CHART- Miners and silver are leading gold higher. To confirm the next up leg in metals, gold needs to close decisively above $1425 and then take out the June $1442.90 high. Failure to make […]
Continue Reading →The 4-hour spot gold chart may be morphing into a triangle consolidation. If correct, then gold should hold support between $1380 – $1390 and eventually breakout above $1425 to new highs. In the meantime, silver and platinum are playing catchup exceeding their June highs.
Continue Reading →Gold and miners started the morning higher, and prices may be trying to break higher form their potential bull flags. Upside follow-through tomorrow would register the onset of the next advance and an end to the 2-week consolidation. -GLD- Prices are testing the upper flag boundary in GLD. A close above 134.10 would […]
Continue Reading →In a healthy bull market, the surprises come to the upside. Meaning, pullbacks or consolidations are brief – just a week or two. Gold has been consolidating for about two weeks; it feels like it’s make or break time. To build upon June’s momentum, both metals and miners need to break higher relatively soon. […]
Continue Reading →Gold futures reached a high of $1442.90 on Tuesday. Prices slipped after the Fed walked back some of the markets rate cut expectations, likely profit-taking. Currently, gold is testing the first support level between $1400 and $1404. To maintain the potential for a runaway move, I think that area needs to hold. If it […]
Continue Reading →The 1-hour gold chart is backtesting yesterday’s breakout above $1416. It looks like buyers stepped in near $1417 (currently $1425.90). Spot prices would have to slip below $1416 and then break support between $1400 – $1404 to recommend a potential reversal. The final near-term support level sits at $1385. A close below that would […]
Continue Reading →