Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Precious Metals on the Move

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Both Gold and Silver are on the move higher today, with some tailwinds from a considerably weaker USD, precipitated mainly by weaker than expected ECO Data from the ISM Non-Manufacturing Data, on the heels of a disappointing Jobs Report.

Let’s notice that Gold is approaching a test of its August resistance line, now in the vicinity of $1346/47, which if hurdled, should trigger upside continuation that tests the July resistance line, now in the vicinity of $1355. Meanwhile, relatively strong Silver continues to lead the charge near term, and points to a challenge of its July-August resistance line, at $20.30 next.

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Originally published at MPTrader.com. 

Gold Miners Enter Fertile Corrective Buy Zone

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During the past two weeks, or so, Market Vectors Gold Miners ETF (GDX) has declined about 16%. That said, however, the weakness represents a relatively shallow 27% correction of the entire Jan-Aug bull leg from 12.40 to 31.79. The weakness has pressed GDX into a significant support plateau between 27.80 down to 24.00, with my optimal, corrective-target price in the vicinity of 25.85, from where I am looking for renewed buying interest and a technical, upside-reversal signal that alerts us to the conclusion of the corrective period and the initiation of a second upleg in the new bull market in GDX.

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Originally published on MPTrader.com.

ES Grinds Higher into August Mid-Range

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The Emini S&P 500 (ES) is grinding higher off of Friday’s Fischer Low at 2157.50 into the August sideways range between 2190/91 on the high side and 2167/65 on the low — a range that was violated briefly Friday afternoon. Perhaps ES will gravitate up into the 2180 area — the mid-point of the range — where it will circle right into Friday’s Jobs Report?

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Originally published on MPTrader.com.

Oil Pivoting to the Upside

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Before the open today, I noted to our members that crude oil is starting to look and act like the correction off of the Aug 19 high at $48.75 in the USO into this morning’s low at $46.42 is at, or very near, completion. If accurate, this also means that oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.

Since then, the USO has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-24 correction is complete — and that a new upleg is in its infancy.

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Originally published on MPTrader.com.