September 11, 2020

Market Update – September 11

My working assumption is that a B wave triangle ended today at 1975.20 (exactly the 8/3 low) in gold. I am bearish against today’s high and looking for weakness lower in a C wave towards 1800 or so by the end of the month.
September 9, 2020

Market Update – September 9

QQQ has broken down and the same levels are in focus that were noted yesterday (text below). All I’m adding is that if price bounces from here (a gap up on news tomorrow for example) then 279 is proposed resistance.
August 28, 2020

Market Update – August 28

Gold is sitting on top of the 2011 high…major level. A break below would open up 1765/90 (see hourly chart below), which is a well-defined zone and intersects the lower parallel of the Schiff fork from the high. Proposed resistance is 1941 (high volume level from today). As noted yesterday, I’ve been tracking near term fluctuations in GLD. High today was just above 185, which keeps the short term bearish channel intact (see yesterday’s GLD chart).
August 27, 2020

Market Update – August 27

Since the 8/6 high in gold, I’ve been closely tracking GLD. The rally from 8/12 found resistance at the 61.8% retrace and a short term bearish channel is confirmed following the median line touch. If GLD has turned lower, then resistance should be 185.00 (38.2% retrace and VWAP from the high).
August 24, 2020

Gold Consolidates as Risk Appetite Picks Up

Gold started the week on the defensive after being unable to hold above the key $2,000 level late last week. Meanwhile, the US dollar has stabilized, finding its feet after falling to its lowest levels in over two years last Tuesday.
August 17, 2020

Market Update – August 17

Silver made a 2 bar weekly volume reversal last week. Volume reversal logic is explained here. The only other signals with the same volume requirements occurred in December 2010 and April 2011.
August 12, 2020

Rollercoaster in Gold Continues Amid Rising Treasury Yields, Stronger Dollar

Gold extended its losses in early trading on Wednesday, before rebounding sharply. The yellow metal fell by over 5% on Tuesday, marking its worst day in 7 years.
August 6, 2020

Market Update – August 6

Expanding on yesterday’s gold chart (remember that the Fibonacci measurement is 2095…today’s high was 2070…), daily RSI is now 89.8. The indicator has been this high just twice before; January 1980 (twice) and September 1999.
August 5, 2020

Market Update – August 5

There are similarities between the current gold rally and the rally into the 2011 top. Price has met the line off of the February and August 2019 highs (highs of proposed waves 1 and 3).