We believe 2018 will be the breakout year for metals and miners. The initial bull market advance occurred in 2016. Miners exploded off their 2016 lows and needed 2017 to recover. The consolidation phase in nigh complete and they are positioned for the second advance. Prices are close to a low: We may have […]
Continue Reading →Tomorrow is FED day, and we need to be on our toes. Timing wise, I expected gold to reach a 6-month low about now. A decline to around $1,200 seemed logical after breaking the October low, but we are $45.00 above our target. Prices would have to decline sharply tomorrow and (or) Thursday to […]
Continue Reading →Gold finally broke the October low, and prices should bottom within the next 1-4 weeks. A low is possible next week if prices suddenly spike below $1,215. In December 2015/2016 gold bottomed 1-day after the FED’s rate hike (see rate hike chart). Conflicting Data: Rate hike timing supports a low next week, but the […]
Continue Reading →Gold has officially broken the October $1,262.80 low (currently $1,258). I prefer to see prices close (at least twice) below a critical level before considering it thoroughly defeated. Despite the recent weakness, we are yet to see panic selling. Perhaps, gold needs to drop below $1,250 to scare the bulls truly. Nevertheless, we are […]
Continue Reading →Precious Metals and Miners are dropping, and gold is approaching October’s $1,262.80 low (currently $1,266). If prices remain under pressure, a recognition day is likely. Remember, a recognition day is a high volume down day when bulls acknowledge a breakdown and begin to panic out of their positions. Typically, miners (GDX) will drop 3% […]
Continue Reading →Gold jumped to $1,292.50 on Friday as the stock market briefly collapsed. Stocks recovered, and gold retreated. Precious metals will remain under pressure if stocks remain buoyant. Our primary analysis has called for a breakdown in gold. The ideal scenario expected a decline in gold below $1,262 (the October low) and subsequent bottom in […]
Continue Reading →Metals and Miners declined Friday. They could be setting up to break the October lows next week. Gold dropping below $1,262 will sustain a drop to $1,180 – $1,205 over the next several weeks. If established, prices should bottom in early to mid-December. The weekly gold chart illustrates a low-profile “V” shaped basing pattern. […]
Continue Reading →Gold was up slightly today, but silver and miners weakened. Silver is testing its short-term trendline, if broken, selling could expand. A breakdown below $16.90 and then $16.80 would confirm. Miners look vulnerable. The XAU cycle has been running 21-24 trading days. The cycle may have switched (inverted) from marking lows to highs in […]
Continue Reading →Little changed from Monday’s update. Metals and Miners continue to whipsaw in either direction. Nevertheless, our primary analysis calls for a breakdown, likely before the end of next week. Gold would have to recapture $1,300 to prevent a November slump. A breakdown in gold would summon a retest of support around $1,200. I have […]
Continue Reading →Metals and Miners are rallying instead of breaking down. The trend is a mess, attempting to trade these markets is dangerous. Gold needs to break the October high ($1,308.40) or the October low ($1,262.80) for direction. Otherwise, prices will remain in a challenging range. Metals and Miners could set rebound highs this week. There […]
Continue Reading →