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 →Spot gold is currently trading around $1387. Last night’s spike to $1397.70 registered a new multi-year high. On the surface, it looks like gold prices are finally breaking out. But as we are well aware, the market manipulators and algo’s are masterful at painting the tape to get people on the wrong side of […]
Continue Reading →Spot gold prices are jumping as I write, currently at $1387 (prices touched $1397.70 shortly ago). Where prices open tomorrow (9:30 AM) will be enlightening. Maintaining $1387 – $1397 through Friday would support a significant breakout. But if prices slip overnight and open tomorrow below $1362, I’d suspect a top and pile on the […]
Continue Reading →The cleanest cycle I can find is the XAU junior mining index. Prices have formed turning points every 45-trading days since September. It arrives again May 31st and should time the next low. -XAU- The 45-day cycle in the XAU has been quite accurate timing the last four turning points. The next one is […]
Continue Reading →