Gold and Silver Outlook 10-23-14

10-23-14 GLD Chart

Really not much to add to the midday report I posted. Miners ended up a bit after all hitting 52 week lows. This is what market makers do, they pull it down to break channels, then reverse it for quick profit. Will the miners continue up tomorrow? I don't know. Might be a good short term play, but gold didn't end up green for the day. Gold however is still maintaining above the $1,200 psychological level and silver maintained above $17. I would use those as stops if attempting any … [Read more...]

Gold and Silver Outlook 10-23-14 – Midday Report

GDX 10-23 Midday

Just a quick note that even with gold lower today, as expected, and the mining stocks all breaking their 52 week lows, we have had a nice bounce off those lows. Many times market makers will like to break 52 week lows and those who are technical traders will then jump on the short side, only to be whipsawed out of their position with a sharp turnaround. You can see from the charts below for GDX, JNUG and NUGT just such action after all 3 broke their 52 week lows earlier in the day. They all … [Read more...]

Gold and Silver Outlook 10-22-14

10-22-14 GLD Chart

This morning I added a note to last nights Current Thoughts about what gold did overnight in Asia and Europe as well as at the open here in the U.S. Here is what I said around 6:30am PST. 10/22/2014 MORNING UPDATE Gold never did follow through higher and the miners are all gapping down. CPI came in as expected but the dollar is up strongly with interest rates rising a bit. Gold needs some good news to get going. TNA gapped up to 65.29 and we might see a reversal coming through Halloween so … [Read more...]

Gold and Silver Outlook 10-21-14

10-21-14 GLD Chart

Gold and silver ended the day with slightly better scores today but the miners continued their struggles. GDX, JNUG and NUGT all finished down for the day and the score remains at -100 for GDX. I am still leaning for a bounce here but gold has to continue higher for this to occur. The dollar shot up with news from Europe that the ECB may lower rates again. This in turn caused the Euro to fall. TNA has a very nice day and is up now $10 off the lows. UGAZ broke to a lower low just … [Read more...]

Gold and Silver Outlook 10-20-14

10-20-14 GLD Chart

Gold, silver and the miners all went up slightly today ending a mini losing streak. The scores for all 3 improved a little. The dollar stayed above 85 on the index while the 10 year maintained at 2.20%. Is this the beginning of a bullish breakout for the short term? It seems like the risk vs. reward might be there for it after a few days of uncertainty. The DOW eked out a positive number number for the day and TNA ended up 3.45% and closed 2 points higher. UGAZ, another ETF I have been … [Read more...]

Gold and Silver Outlook 10-19-14

10-17-14 GLD Chart

Somethings got to give soon between the scores of GLD which has improved to +70 and silver and the miners which are sitting at -100. GDX is only 70 cents off its low hit earlier this month. Watch to see if JNUG breaks to a lower low as this may be the sign the miners have had it. A break below 9 will be the first signal that ¬†lower lows are coming for GDX as well. The dollar moved up over 85 again putting more pressure on gold short term. The stock market moved higher as well like I … [Read more...]

Gold and Silver Outlook 10-16-14

10-16-14 GDX Chart

  Gold and silver couldn't really make up their mind today just as I couldn't yesterday in trying to figure out their next direction when I said my crystal ball was foggy.¬†The scores remained the same with silver falling back to -100. 10 Year Treasury Yields and the Fed I've been mentioning from time to time the fact I thought higher interest rates were not on the table and sure enough we have seen the 10 year fall below 2% this week before bouncing a bit higher today. Fed board member … [Read more...]

Gold and Silver Outlook 10-15-14

10-15-2014 GLD CHART

Gold continued its climb today and all my recommendations from yesterday, GDX, NUGT, JNUG and TNA ended higher. TNA opened lower and could have been bought at $54 to $55 and sold after going green. It then fell back to $54 again and closed over $58, up $1.80 even with a stock market that closed down 173 on the day. The miners were a little less volatile. The miners score improved to -85, but still in downtrend mode. Gold was the bright star again with a score of -60 and silver improved to … [Read more...]

Gold and Silver Outlook 10-14-14

10-14-2014 GLD CHART

Gold maintained some strength today before falling back a bit. Silver still holding its own, but a little weaker than gold. The miners were up most of the day and gave some back by close. GDX and NUGT were both up with JNUG ending with a small loss. Not much after hours action to speak of. Something should pop soon in my opinion. Gold has to keep moving higher and the miners need to follow suit. They tried today. TNA did bounce as I thought it might. I think there was plenty of time to make a … [Read more...]

Gold and Silver Outlook 10-13-14

10-13-2014 GDX

Opposite of the question I asked yesterday is the question today, does gold lead the miners? It seems that today we saw that kind of action with the gold score breaking into the positive for the first time in awhile. This may be worth a short term play on the miners like GDX, NUGT, or JNUG depending on your risk tolerance. But I might wait one moreday with late selling everywhere. I do this as only a short term play as I do expect lower lows ahead. So please keep stops and don't lose profit if … [Read more...]