I am behind schedule this morning. The Precious Metals update usually posted early Monday will be delayed until around 11 AM ET. Thanks for your patience. I apologize for the inconvenience!
The intermediate cycle projection range has risen. There’s also a band of resistance indicated in the same range as the new projection. Weakness in the miners might not be a good sign.
13 week cycle indicators have begun to edge to the sell side, but does that mean gold is headed for a deep correction?
13 week cycle indicators remain in bullish postures but some are extended. Here’s what to look for. (Note: Publication time is Central European Time)
For now, gold and gold stocks remain in apparent consolidations as we gingerly hold a few stocks and ETFs long.
Gold has reached a downtrend line of the closing highs from the September 2016 high.
Gold broke through a key resistance level. Intermediate indicators are in positive postures.
Initial upside projections have been hit and 1180-90 is a resistance area. However, there’s enough time left in the 13-17 week cycle up phases for these projections to move higher and for gold to clear this resistance level. That would result in higher targets and would have positive implications for the 9-12 month cycles. Recent…
Gold perked up last week, but it did not break any significant resistance levels. Here’s what needs to happen this week.
There was little good news in the technical picture for gold. But a handful of mining stocks appear to be worth a nibble.