Category: Updates

MORNING UPDATE 10:50 AM

Wed, 27 Feb 2019

It looks like gold has broken lower out of the small triangle consolidation. However, we are yet to see an accelerated decline. That may occur if April gold slides below $1320. -GDX- Not a lot of upside follow-through after yesterday’s bullish reversal attempt. Slipping below $22.36 could trigger another wave of selling, especially if gold […]

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CLOSING UPDATE

Tue, 26 Feb 2019

  April gold is still trading around the $1330 level. I’m a little surprised it isn’t performing better with today’s US Dollar weakness (down 0.40%).   -GDX- It looks like miners will finish above the critical $22.43 gap level. The 20-day EMA appears to be supporting prices. Slipping below $22.36 tomorrow could trigger a wave […]

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MORNING UPDATE

Tue, 26 Feb 2019

  April gold slipped to $1325.50 earlier today before bouncing. Prices are back up to around the $1330 level. Gold needs to rally above $1335 or decline below $1325 to break free from the short-term consolidation. I was stopped out of USLV this morning. The UGAZ position is profitable, and I’m raising the stop to […]

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CLOSING UPDATE

Mon, 25 Feb 2019

  The one-hour chart of April gold is crawling along the flattening 200-period MA. Crawl patterns typically break lower, often suddenly. For that reason, I added to DUST today at $17.55. Currently, it looks like metals and miners are inching closer to a breakdown. The crawl pattern in the above chart supports a dip to […]

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TRADING POSITIONS UPDATE 3:12 PM

Mon, 25 Feb 2019

  The one-hour chart of April gold is back down testing the 200-period Moving Average. I don’t know how many more times gold can test that level before there is a failure. I was stopped out of the NUGT trade with a profit just below $21.72. The USLV position has an active stop remaing just […]

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MORNING UPDATE

Mon, 25 Feb 2019

  We have a divergence between gold and miners on their intraday 1-hour chart. Gold is trending slightly higher while miners are down.   GOLD 1-HOUR GDX 1-HOUR It’s unclear how this will resolve; one is likely to play catchup into the close. Meaning, gold will either begin dropping with miners or miners will reverse […]

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MORNING NOTE 9:05 AM

Mon, 25 Feb 2019

  April gold slipped back to test the 200-period MA at $1327.30 this morning before bouncing. To support another attempt at $1350 prices would have to recapture the $1340 level convincingly. Slipping below $1323 would likely trigger another wave of selling. Same with silver. Below the 200-period on the 1-hour chart would support a breakdown. […]

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AFTERNOON UPDATE 1:30 PM

Fri, 22 Feb 2019

    Gold found support and bounced off the 200-period MA on the 1-hour chart. Prices would have to retake the prior breakdown area between $1340 – $1345 to have another chance at $1350. Silver also found support at its 200-period MA. It needs a decisive move above $16.00 to make another run at $16.20+. […]

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MORNING NOTE 8:50 AM

Fri, 22 Feb 2019

  Gold (April) is holding around $1328, and silver is staging near $15.80. There is no clear direction at the moment. Gold would have to retake $1330 decisively intraday to support a rally attempt. Declining below $1320 could trigger another wave of selling. Support for silver remains around $15.70, below that and prices could tumble. […]

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NEW TRADE ALERT 3:12 PM (DUST HEDGE)

Thu, 21 Feb 2019

  I’m going to take a position in DUST here and keep my intra-day stop on NUGT as previously posted. Stop on DUST below yesterday’s $15.75 swing. I wanted to update real quick before I get on the road. The new app will be nice – I’ll be able to alert members via the push […]

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