There was no material change in the gold outlook, but HUI plunged through key support on Wednesday. This is an interim update on how this affects the outlook. The full weekly report will be posted on Monday morning as usual.
The latest price action raises the possibility of a deeper correction before the uptrend resumes.
Indicators and cycle conditions were little changed last week. Here’s what it means for the uptrend for the rest of this year and beyond.
The thing about racetrack is that the cars move fast, but they get nowhere.
Shorter term indicators are mixed.
A preliminary projection for this 13 week cycle down phase points lower, but that may not be bad news.
Most 13 week cycle indicators have shifted to the sell side. Both the 13 week and 9-12 month cycle projections have been reached. Here’s what to look for.
The rally stalled last week and it appears that the 2 short term cycles are in sideways down phases. There’s a critical resistance level that must be surpassed for the rally to reach current projections.
Gold continues to hold above resistance in the current pause, while the miners have broken out yet again in what looks like an increasingly powerful and long lasting bull market.
Gold has yet to break resistance but a new 13 week cycle projection suggests that it will. This is a bulletin to update Monday’s report.