In our last entry, we suggested that gold had become “overbought” and vulnerable to correct, even though the main theme was taking a closer look at silver. The selloff seemed primarily caused by reaction to statements from the Federal Reserve, especially those of non-voting member Bullard of the St. Louis … Readmore
By Neland Nobel The last couple of reports have concentrated on gold. Indeed the action on gold has been important. After a severe oversold condition, gold put in a bottom in early April and has advanced through important resistance at $1800. Gold is once again at important overhead resistance near … Readmore
By Neland Nobel We suggested that gold had put in a major low in early March, and put in a double bottom, a variant of the classic head and shoulders bottom. The importance of $1800 was noted in the last blog and we suggested, that if that level were broken, … Readmore
By Neland Nobel Gold is now at a turning point, which happens to be slightly below the blue 50 day moving average. There were a series of highs formed around $1760 that represents the “neckline” of the double bottom formation that gold has been building. (See chart below) Secondly, all … Readmore
By Neland Nobel Gold has been in a deceptive correction since last July. We say deceptive because it has failed several times by the narrowest of margins to breakout, it has stopped at appropriate resistance, only to hover there in a tantalizing fashion, and then proceed lower. It is not … Readmore
Bitcoin has been on a tear of late. As you read the financial press, it would seem the world is very desirous of a currency other than the US dollar. Something that is limited in quantity and hence able to hold its value better than the fiat currencies electronically created … Readmore
Gold has made it back to and thru, an old multiple point low around $1850 (the pink line) that was considered support as we broke down from the top. It is constructive to make it through old lines of support, or resistance. Gold defended successfully its 200-day moving average and … Readmore
We continue to believe that precious metals remain in a primary bull market. But after becoming significantly overbought, price corrections have been substantial. Gold has taken its second worst drop since 2016, the date we would assign to the beginning of its new bull phase. It has come down to the … Readmore
We have been in this situation twice before in recent times. Gold reaches an inflection point such as the declining linear trend, and tests the line, but falls back. The troops are at the riverbank, but never cross. We recently alerted you to some specific price levels to watch. We … Readmore
Since the low in gold of $1045 in late 2015, gold has almost doubled in price. Year to date gold bullion is up about 25% while the stock market as measured by the broad S&P is up only about 8%. Bonds as measured by AGG, core US aggregate, is up … Readmore
