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Gold: COT Report Flashes Yellow Flag - January 29

The change of the commercial shorts relative to the gold price rally of the last couple of weeks has been remarkable. Commercial shorts are at the highest level since February 2013. Their stopping power has become clear in today’s price decline. As we noted earlier today, the price of gold should hold above $1,200 to counterbalance the sell off. If gold were to fall below that level, it would not bode well for the metals in the short and intermediate term.

Gold Price Pulls Back And Tests 200 Day MA -

Today Gold is testing a major horizontal support / resistance line. I am a believer in the 200 DMA acting as support or resistance. The whole April to September 2014 was a battle along the 200 DMA . We’ll find out in the next few days if Gold can get a bounce here. If the $USD was to stop rising that could give GLD the tailwind it might need to break this trend of lower highs.

Gold Makes Reverse H&S Breakout, Gold Miners Bouncing Off Support - January 27

The US stock market is showing increasing volatility on lower optimism for good earnings growth. Gold is continuing to gain momentum as the 20 and 50 day moving averages turn positive. A golden crossover of the 50 and 200 day could be only a week or two away. Its been a rough four years for junior mining investors as the Venture hits 2008 and 2002 lows. However, there could be a good chance from both a technical and fundamental standpoint that the correction cycle in precious metals is coming to a conclusion.