- Gold drifts sideways in typical weak season trading, silver looks better, and the miners look awesome!
- Please click here now. Double-click to enlarge this gold chart. It’s clear that both upside and downside breakouts are failing, and the gold price continues to ooze sideways.
- A rectangle pattern is in play. The good news is that basis the Edwards and Magee technical analysis handbook, there’s probably about a 67% chance that the breakout will be to the upside.
- Even if it’s to the downside, the target area is at $1575-$1600, which is mild corrective action.
- Please click here now. Double-click to enlarge this long-term gold chart. The $1800 area is a selling area because it is a resistance zone, but it’s also the build zone of a huge inverse H&S bull continuation pattern (where the right shoulder could become a flag!).
- Gold market investors need to be careful about selling too much and becoming too boisterous in making “top calls” in this key area.
- Please click here now. Double-click to enlarge this magnificent silver chart.
- A small H&S top formed, but I expect that the “King of Assets”, will push higher and destroy that pattern.
- Silver was hurt more than gold as the stock market swooned in the initial stage of the Corona crisis.
- Now, as the Fed money printers and government debt worshippers pull out all the stops to get their stock market “poster boy” higher…
- Silver is leapfrogging over gold.
- On the COMEX this morning, gold is down about $10/ounce, and silver is up, with the Dow up about 500 points. Silver has diverged from gold quite frequently during this stock market surge.
- Please click here now. Nouriel Roubini has recently done a spectacular interview with the New York Mag Intelligencer.
- He presents a sobering vision of what lies ahead for America. Just a few small rate hikes could turn the catastrophically weak economy and debt-obsessed government into an economic gulag.
- It’s the same scenario I’ve predicted, and the weekly gold chart price action suggests the odds of it happening are at least 90%.
- The government failed to save. It failed to prepare for any type of crisis, and it failed to get rid of the diabolical graduated income tax that fuels its never-ending size growth.
- Once the stock market poster boy implodes, the government emperor will be shown not only to have no clothes, but no skin, heart, or brain!
- Please click here now. Double-click to enlarge this US stock market chart.
- I’ve highlighted my key buy zones at 21,700 and 18,3000. The entire 27,000-30,000 area is a sell zone. I plan to sell there, with gusto!
- Please click here now. Double-click to enlarge what is obviously one of the world’s most spectacular ETFs, GOAU-AMEX.
- Note the action of my 14,5,5 series Stochastics oscillator, which I affectionately refer to as “Leo the Lion”. The bottom line is when a key weekly chart oscillator becomes overbought, it may quickly drop, or it can stay overbought for quite a long time.
- In the case of GOAU and most big-name gold stocks, I suggest that investors wait for that oscillator to drop under 80 before getting at all concerned about the health of this rally.
- The only reason to sell perhaps 10%-30% of gold stock positions now, is because the profits on miners bought at my gold $1577 and $1450 buy points are fabulous! The time to sell is when the investor feels fantastic.
- For some investors, that time is now. For others, that time lies ahead, but this metals market rally has legs, especially for the miners and silver bullion. A horn of plenty is in play, and everyone in the gold community can get their profit booking day!
Gold Stock Profits: A Horn Of Plenty
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