Category Archives: Metals

Gold Outlook (Look Out)

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Greetings from our nation’s capital, where I’ll be ambling around the rural countryside for the next couple of days. Even so, Slope’s duties beckon, so I’ll continue to nurse things along even during my wanderings.

Gold has, as we all know, been a complete dog since the middle of 2011, having lost about 40% of its value. As 2016 began, it looked like gold was ready to reward the bulls again (just as equity bears were all-too-briefly rewarded), but in both cases, things fell to pieces. Looking at gold’s front month below, it illustrates the metal’s continued weakness since July of this year.

1201-gc

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Couple Commodity Comments

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Happy new week, everyone. I’m relieved we’re past Thanksgiving and can get back to normalcy. I wanted to make a couple of remarks about two big commodities out there – gold and oil.

As for gold, it’s been having a wretched time since July 6th, from which it’s fallen about 15%. It is finally getting a little bit of strength, but I think it’ll be short-lived. The most logical place for it to crawl back would be the gap I’ve pointed out below, just about $1200. After such time, I think the weakness will continue afoot. I have no precious metals positions at all right now, but if gold strength continues, I’ll be looking hard at GDXJ again for a short sale.

1128-gold

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US Dollar Ripple Effect

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There’s been a number of significant level breaks/hits over the past week and it seems timely for a longer-term chart review. Here come the weekly charts.

A lot of the charts coming up relate in some way to the US dollar so let’s take a look at that one first.

The USD chart has broken out strongly from a 2 year range. There’s no arguing with this breakout, the USD is going higher. Since a lot of commodity charts react to moves in the greenback, let’s take a look at some of the more popular ones.

161125 - US dollar weekly

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Inconstant Succubus

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There have been two “slow and steady” trades I’ve been writing at length about for my Slope Plus members – – being short precious metals miners and being short the Euro.

Well, you probably know by now that gold is doing what it does best – – – falling – – and the prospect I suggested that maybe it might get a TINY bounce before resuming its lame ways is out the window. I suspect GDX and GDXJ will continue blossoming (well, rotting) based upon their absolutely marvelous topping patterns, heading for prices lower than anyone dared think. As for poor old gold, it looks like the next $100 down has nothing blocking it………

1122-gc

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