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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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 […]
Continue Reading →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. […]
Continue Reading →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+. […]
Continue Reading →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. […]
Continue Reading →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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