Amid Bad Fundamentals, Gold Sector Rally May Have Begun

See edit at end, adding in the favorable gold and silver CoT. We have been expecting a seasonal rally in gold, silver and the miners off of a bottom due in either December or January, as is typical of the sector. I’ve marked up Sentimentrader‘s seasonal gold pattern to show the secondary low made (on […]
Slope of Hope

Gold Fingered

You could have put money into anything – – anything at all – – over the past six years and done better than gold. Real estate………stocks……….kitty litter. Gold has been a total piece of garbage, and I’ve got a sneaking suspicion that gold bugs have finally up to “here” with the so-called precious metal and […]
Slope of Hope

Taxes, Macro Signals, Seasonality, US Stocks and Gold Miners

While politicians hammer out the details it is generally accepted that corporations and by extension the investor and asset owner classes are targeted for benefits under the coming Republican tax plan. The logical implication of that beneficial treatment is that barring a market meltdown in the interim, people looking to unload stock positions and take […]
Slope of Hope

Perspective on the Gold/Oil Ratio, Macro Fundamentals and a Gold Sector Bottom

This was going to be part of an NFTRH update, but I decided to make it public, as we’ll have plenty of other information to work on this weekend in NFTRH 474 after such an eventful market week. With all due caveats about the non-stellar gold CoT data (we’ll update in #474) I wanted to […]
Slope of Hope

Macro Plan Still on Track for Stocks, Commodities & Gold

As I’ve been noting again, again, again, again, and again the macro backdrop is marching toward changes. I’d originally thought those changes would come about within the Q4 window and while that may still be the case, it can easily extend into the first half of 2018 based on new information and data points that […]
Slope of Hope

The Bullish Turn and Range Action in Gold Nov 7

We posted about a Bullish Surge in Crude Oil this morning, and we’ll now combine that with a bullish reversal into a rising range environment for Gold.

What does that mean and what’s the planning levels right now?

Gold

Let’s start with the hourly (intraday) chart on the left.

We have Gold (@GC) falling from a resistance high – on negative divergences – from the $ 1,305 level.

A downtrend took price toward the active support target near $ 1,265 on positive divergences.

I drew an “Arc Trendline” pattern to connect the swing lows and highs – note the reversal higher.

Now, on the right chart, we see the 15-min chart forming a Rising Range pattern with volatile gap-action throwing price from range high to range low.

Frame your trades in terms of the movement between these rising trendlines and use them as stop and entry parameters on your chart.

Stay tuned as we continue to give you more daily updates and market commentaries!

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Corey Rosenbloom, CMT

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