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We Nailed Gold’s High Within a Dime, but What Now?

We Nailed Gold’s High Within a Dime, but What Now?

Yesterday’s strong rally, amounting to $26 from low to high, topped within a single tick of the 1208.60 target I’d provided. This validates the pattern itself (see inset), with the implication that any upthrust exceeding the high would be a good bet to reach 1238.90 precisely.

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Room for Just a Little More Weakness in June Gold

| March 31, 2015 | Category: Technicals
Room for Just a Little More Weakness in June Gold

June Gold’s chart leaves a little more room for corrective weakness than did the March futures’ chart. Specifically, the selloff of the last three days has yet to breach the 1180.70 Hidden Pivot support of the patterns shown. If that were to occur, we would have to infer that more downside to at least 1173.30 awaits. That target is calculated by simply sliding up to the commanding high at 1220.40 as a point ‘A’ for the downtrending pattern.

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Precious Metals: Contratrend Rallies And Technical Price Levels

Precious Metals: Contratrend Rallies And Technical Price Levels

Gold Spot price slipped to test the prior low at 1,143, below the 2005 uptrend and MAs, holding flat. The recent low may carry a potential positive divergence in the weekly momentum with a higher low on the recent test versus the late 2014 price low, but the current weekly reading is negative and would need to turn positive. One can note a similar positive divergence on the 2013 test of price support with a higher momentum low, followed by a minimal rally.

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Gold: Key Price Points To Watch On Monday

| March 30, 2015 | Category: Technicals
Gold: Key Price Points To Watch On Monday

Friday’s dirge was dispiriting, but we can take a patient view nonetheless because the weakness merely touched the 1191.60 downside target I’d broached here without demolishing it. The decline left us with the prospect of a marginally lower low on Monday at 1186.90, calculated by shifting the b and c coordinates down a peg (to B2/C2). You could bottom-fish there with a stop-loss as tight as four ticks. Alternatively, the futures would need to close above 1208.40, the midpoint pivot of the large ABC pattern shown, to suggest bulls are about to roll.

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Gold And Miners Secular Uptrend Pulled Back To Long-Term Support

Gold And Miners Secular Uptrend Pulled Back To Long-Term Support

The support level in COMEX Gold is actually a zone as opposed to a cleanly defined line. Notice how price ran into resistance between $1055 and $1110 back in 2008 / 2009 and then turned that level into support in late-2009 / early-2010. Now, in 2015, Gold has pulled back almost to the support zone with a low so far of $1132. Some analysts are calling for a low of $1030 before the current cyclical bear trend is completely finished. While none of us want to see a price of $1030 on the yellow metal, notice that $1030 would just be a test of the long-term support zone.

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For Once, Gold Actually Holds onto a Gain

| March 20, 2015 | Category: Technicals
For Once, Gold Actually Holds onto a Gain

For once in a rare change, gold futures have actually held onto a gain achieved the previous day. Although they made no upside headway on Thursday, it was something of an achievement for them to have merely stayed aloft. The bullish abc pattern shown has a clear-as-can-be rally target at 1186.70 that has been confirmed by the stall precisely at 1172.70, the ‘p’ midpoint pivot. As always, an easy move through p would imply more upside to D, at least. If bulls are revved up and ready to blast off, they should be able to surpass 1186.70 today without much trouble.

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Price Targets For Gold, Silver And Miners

Price Targets For Gold, Silver And Miners

Gold reached the target at $1150 and closed above that support level last Friday. Unfortunately, the weekly chart is still suggesting that price is heading lower. The three moving averages are in bearish alignment, MACD is in bear mode (both lines below zero), and the MACD histogram is declining below the zero line.

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Gold’s Downtrend Continues

Gold’s Downtrend Continues

GLD went to new lows again this week so the Raff channel can be extended. Nothing but a downtrend here. Broken support marks first resistance in the 114.5 – 115 area. Key resistance remains in the 117 area.

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Better Sit Down for This Junior Gold Miners Target

Better Sit Down for This Junior Gold Miners Target

For four months, GDXJ has been playing toe-sies with a 20.83 target that was put in play back in August. While there is always the possibility that this popular junior mining-stock vehicle is about to turn higher, the weight of the visual evidence suggests lower prices are more likely. If so, a 16.54 (!) target would be in play

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Gold Saying Lower Still

Gold Saying Lower Still

It’s not a happy sign that Friday’s selloff crushed several Hidden Pivot supports I’d noted, including a worst-case number at 1167.10. The overshoot was $4.20, sufficient to imply that any rally be regarded as a short-sale opportunity. As of around 4:25 a.m., the futures were butting up against the1173.10 correction target shown. It’s worth a three-tick stop-loss, but this vehicle would become a short-term buy on any pullback from above either of the two labeled ‘external’ peaks.

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Gold Showing Bull Market Characteristics But Needs To Confirm Positive Trend Action

Gold Showing Bull Market Characteristics But Needs To Confirm Positive Trend Action

The chart in this article shows that the negative progression is still intact. It would be reversed with a rally above the previous high, say at $126. What is interesting is that recent prices retraced exactly 66% or two thirds of the previous advance. Arguably more important is the fact that volume patterns have turned bullish. Note how the previous declines were associated with selling climaxes. This is pointed up by the percent volume oscillator in the bottom panel.

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Gold’s Correction Is Fading Fast

Gold’s Correction Is Fading Fast

Short-term, all signs continue to point lower. Although we’ve been using a Hidden Pivot support at1206.10 as a minimum downside objective, the larger-degree pattern shown, with an1199.50 target, suggests the next swoon could do a little more damage. Although it would not destroy the still-corrective look of the selloff from the 1308.80 peak recorded on January 22, it would exceed an external low at 1205.50 to create a fresh, bearish impulse leg of daily-chart degree. The futures could fall to as low as 1168.30 and still be ‘corrective’ relative to the low from which 2015’s promising rally was launched, but at that point the bullish case would be hanging by a thread.

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Gold: The Fourth Long Term Buy Signal In Ten Years

Gold: The Fourth Long Term Buy Signal In Ten Years

Let us go straight to the key message. The long term gold chart is flashing a “buy” signal based on the technical indicator MACD. The chart says it all. Mind that this is a monthly chart, which means it looks at gold from a long term perspective.

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Technical Picture In Precious Metals And Miners Based On Andrews Pitchforks

Technical Picture In Precious Metals And Miners Based On Andrews Pitchforks

The precious metals and the mining stocks remain in a long-term downtrend. We may be seeing the beginning of a new bull phase but caution is warranted. The sector became overbought in recent weeks and we are seeing a pullback. Price will show us where it wants to go next as the current decline plays out and finds support. If you are accumulating on weakness stick with the relative strength leaders.

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