This report will cover our medium-term outlook for precious metals as well as gold’s longer-term forecast. Our analysis suggests Metals and Miners probably topped last Friday. If correct, prices should drop for the rest of April and into May. We will monitor the decline for momentum, and strength of trend. If prices move powerfully […]
Continue Reading →Tomorrow is the 20th day of gold’s third common (daily) cycle out of the December low. Prices are just reaching the February high, a sign of weakness. We should get some resolution tomorrow. It is still possible for gold to spike above $1,265 and silver above $18.50 before topping. Expect frequent updates tomorrow. Miners […]
Continue Reading →There were increased signs of topping in Metals and Miners today. Meaningful follow-through to the downside tomorrow will increase the odds of a cycle top to about 90% (currently 60%). I’d also like to see the dollar close back above the 100 level before labeling its cycle low. Once the highs in Gold and […]
Continue Reading →Gold and Silver rallied today, but miners underperformed on a relative basis. The relative weakness sustains our outlook for lower prices this Spring. The dollar should reach a cycle low between now and Monday. Consequently, I’m anticipating the rebound in precious metals to halt once the dollar bottoms. I will monitor for signs of […]
Continue Reading →Miners rallied nicely yesterday, further endorsing interim lows. However, gold and silver are yet to establish proper swings and the potential for a decline after the FED meeting remains. In the Weekend Newsletter, I noted how gold and silver had a tendency to bottom shortly after the rate hike. The odds for a rate […]
Continue Reading →Miners are testing yesterday’s highs, and we may have an interim low if prices close above them. A bounce should last 1-2 weeks. The first line of resistance arrives around $23.00. -GDX- Prices are testing yesterday’s high. A daily cycle low is likely if prices hold this level or better into the close. The […]
Continue Reading →The employment numbers arrived at 235,000, with a 4.7% unemployment rate; a positive report. Gold and Silver are beginning to rally. If miners close above yesterday’s high’s, then we should have a daily cycle low. Prices should rally for 1-2 weeks, once the low is established. I’ll assess the rally/bounce for strength and durability. […]
Continue Reading →COULD THE 8-YEAR CYCLE STILL BE ALIVE? A few weeks ago, I noted the divergence forming between metals and miners. Gold and Silver rallied into March, but miners dropped extensively, breaking below their 50-day EMA’s. This behavior is distinctly bearish, and I’m reevaluating the potential for a decline into an 8-year cycle by […]
Continue Reading →Tomorrow should signify a key day in metals and miners. Either prices will bottom and begin to bounce/rally, or they could enter the second phase of a selloff. I mention the latter because it’s been 8-trading days since the recognition day and prices usually bottom by now. A close above the previous day’s high […]
Continue Reading →Each day we inch closer to a daily cycle bottom in metals and miners. Prices are far enough from the recognition day that any close above the previous day’s high should signal the low. How prices bounce/rally out of the approaching low will determine the next 2-3 months. -GDX- A close above $21.64 […]
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