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How about that…since I wrote my post of January 23, GOLD Futures (GC) finally hit just above its target price of 1550 on August 26…and it carried on to make a 2019 high of 1566.20 on September 4, for a gain of 21.58% from that date.
The moving average Golden Cross, that had just formed a couple of days prior to that, held, price retested the 200 MA (which is normal after these form), and the formation is still in play, as shown on the following daily chart of GC.
(more…)I am simply amazed at how much email I have been getting asking my opinion regarding the latest “manipulation” cases. And, many of those are asking me if I am finally convinced that the metals market was manipulated to drop from 2011 to 2015.
Well, let’s try to walk through the issues together.
Let’s start this article by identifying that about which we are speaking. You see, the great majority of those who read these manipulation cases believe that the manipulation addressed in these cases is what caused the metals market to drop from 2011 to 2015, and what caused a 70% cut in the price of silver. So, if you have clicked on this article to read me changing my position regarding that type of “manipulation,” you will be quite disappointed. And, if you actually believe in that perspective, I suggest you read on with an open mind, as you will see why you are 100% wrong in that belief.
(more…)If you hear one peep out of the gold community about a precious metals “take down”, “attack” or any other such aggressive or war-like language you will then be hearing some old fashioned and promotional gold bug orthodoxy. Fortunately, a casual look around the Bug-o-Sphere does not yield too many obvious conspiracy theorists or importantly, cheerleaders.
Indeed, it seems that all too many bugs expected this correction in gold, silver and the miners. That is a good thing because when the real top comes these ladies are going to be out front and greed will be running rampant (quite possibly against a negative fundamental or valuation backdrop as in 2008).
(more…)Since we noted the initial move to break the 200 day moving average – and at least temporarily break the downtrend on August 27th – the Silver/Gold ratio (SLV/GLD) has held its breakout, looking to close the week and the month of August on a signal that we have long anticipated.
(more…)Originally published on Sat Aug 24 for members of ElliottWaveTrader.net: Personally, I love trading metals and have been doing so for quite some time. In fact, the best trade of my entire career was in silver many years ago.
But, the one thing that we commonly see in the complex is that when the market strikes a top, it most often spikes into and then strongly reverses at that top as a culmination signal. Thus far, I have not seen that in the metals.
(more…)I doubt there’s a single symbol I’ve mentioned more this year than the metals and mining fund XME. The regularity and clarity of these rounded tops is irresistible.
Much has been made recently about copper’s decline in value. The fabled “Doc Copper” is supposed to be a harbinger of economic direction. I’m not so sure, but I will say that the continuous contract of the metal is fascinating, particularly because it’s one of the very few instances in which a Fibonacci fanline seems to be instructive about key levels of support and resistance.
