The markets feel like a coiled spring waiting for the next news event. The multi-week consolidation pattern suggests prices will either break higher or we will see a terminal 6-month decline to around $1240 and $1255 in late May. The next big market reaction will determine which way prices break. At the moment (10:31 […]
Continue Reading →The Fed left interest rates unchanged- no surprise. They noted inflation was below their 2% goal. That could open the door for a rate cut later this year. The dollar declined after the news. Gold turned positive momentarily, but prices may be reversing back lower. The 4-hour gold chart remains in a descending […]
Continue Reading →Markets want to know if the Fed will cut rates in 2019. Currently, markets are pricing in about a 41% chance of at least one rate-cut in 2019. They announce Wednesday; no rate hike/cut is expected. GDX UPDATE–> Gold and miners may get a little tricky before Wednesday’s Fed announcement. Closing below $20.20 […]
Continue Reading →Platinum could be working on a breakout. Prices pulled back and successfully retested the $880 level. A rally above $930 would trigger a breakout above the medium-term trendline. The 200-day MA is beginning to turn up. Maintaining $880 is critical.
Continue Reading →I’m still not convinced gold and silver are breaking down, just yet. The 4-hour gold chart is trying to reverse near the $1275 level. An intra-day bullish engulfing candle formed after gold struck $1273. The MACD (bottom indicator) is crossing over bullishly with a mildly positive divergence. 4-HOUR GOLD CHART: To support a […]
Continue Reading →Good Morning, I get the sense metals, and miners will either find support near $1275 and bounce or break directly lower within the next few days. Scenario 1) Upside target between $1360 – $1380 Scenario 2) Downside target between $1225 – $1250 I’ll update again later.
Continue Reading →Here are my thoughts on bitcoin. Prices could rebound to the $5500-$6000 area. Overall, I think prices will grind sideways between $3000 – $6000 for several months. At some point, prices will break below $3000 and test $1000. It would take a high-volume move above $8000 to restore a bullish tone. https://cryptowat.ch/markets/bitfinex/btc/usd/1d
Continue Reading →That may have been it for the 1-3 day bounce. It looks like the next stop for GDX is $20.50. Let’s see how we close.
Continue Reading →April gold is below $1310 and tested $1305 this morning. Prices are bouncing slightly, currently at $1312.11. Closing today above $1315 would support a bounce. Declining below $1305 and then $1300 could trigger a sharp selloff. -GDX- The morning gap was filled within the first 30-minutes of trading. Closing above $22.40 today would […]
Continue Reading →It looks like gold and miners are breaking lower; downside selling pressure has accelerated. Miners are well below their previous gap levels. Depending on today’s close, it looks like we have an exhaustion gap sell signal. Last weeks increased stops performed well and got me out of NUGT and USLV. I have open swing […]
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