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Gold & Precious Metals

Here are the Key Levels in Gold and Gold Miners

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Posted by Jordan Roy Byrne - The Daily Gold

on Wednesday, 10 January 2018 06:32

The rally in Gold and gold mining stocks easily surpassed our expectations and targets. The strength has been far more than we anticipated. The gold stocks blew past their 200-day moving averages while Gold blew past $1300/oz. Now it is time to take a technical look and focus on the key support and resistance targets. 

The strength of the rebound pushed the miners well beyond their 200-day moving averages and to their June and October highs. GDX is consolidating just below $24 while GDXJ is consolidating just below $35. If this consolidation turns into a correction then GDX and GDXJ could find support at their 200-day moving averages which are at $22.71 and $33.37 respectively. As you can see, should GDX and GDXJ be able to exceed recent peaks then they could rally towards important resistance levels. Those are $25.50 for GDX and $38 for GDXJ. 

01052018 gdxgdxjbars

The rally has been just as strong in Gold as it surpassed resistance in the $1300-$1310/oz zone. Gold closed the week at $1322/oz. Should Gold pause or correct here then the sellers could push the market down to previous resistance but now current support at $1300-$1310/oz. Trendline resistance will come into play near $1340/oz while the 2016 and 2017 peaks would provide resistance in the $1350-$1370/oz zone.



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Gold & Precious Metals

Gold: The Significance Of $1320

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Posted by Stewart Thomson - Graceland Updates

on Tuesday, 09 January 2018 06:10

Jan 9, 2018

  1. I told subscribers to expect $1320 to function as a headwind for gold on this rally, and that’s happening right on schedule. To understand the nature of this headwind, please  click here now. Double-click to enlarge this important weekly gold chart.
  2. Note that the two biggest volume bars both occurred as key events in India occurred. It could be said that when America catches a general stock market cold, world markets get the flu. 
  3. Horrifically, when India catches the gold demand sniffles, Western gold and silver stocks can look like they have financial Ebola.
  4. It’s clear that $1320 has functioned as a significant headwind to all the major rallies of the past four years. The good news is that technically, resistance weakens the more times it is tested. I’ve predicted that gold is nearing the day when it shoots up above $1320 and begins the climb towards the next massive resistance zone at $1500.
  5. Will India be the catalyst that launches the price blast to the upside? Well, that’s the most likely scenario, but a big helping hand could come from new central bank chief Powell in America. He’s due to be sworn in on February 4, 2018. That’s less than a month from now.
  6. Powell’s proposed deregulation of America’s small banking industry, combined with rate hikes and quantitative tightening (QT) should create a major money velocity bull cycle.That bull cycle is more important to gold stocks than bullion. There’s no point buying gold stocks if they can’t outperform low risk bullion.
  7. For bullion, the most likely catalyst for significantly higher prices is a long overdue gold import duty cut in India.
  8. The good news is that I’m predicting that both a duty cut and the US money velocity bull cycle are coming. India has national elections in 2019 and Prime Minister Modi’s promises to help jewellers and create a million jobs a month are dismal failures.
  9. To win the election, it’s likely that Modi soon starts spending money like water and asks his finance minister Jaitley to cut the gold import duty. With both India and Powell poised to take action that is positive for gold, all precious metals market investors (both bullion and mine stocks) should feel very comfortable now.
  10. For a closer look at gold’s price action here in the $1320 resistance zone, please  click here now. Double-click to enlarge.


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Gold & Precious Metals

U.S. Gold Market Switches From A Surplus In 2016 To Deficit In 2017

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Posted by Steve St. Angelo - SRSRocco Report

on Monday, 08 January 2018 06:33

The U.S. gold market suffered a net deficit this year compared to a small surplus in 2016.  This was quite interesting because U.S. physical gold demand will be down considerably this year.  In 2016, total U.S. gold demand was 212 metric tons versus an estimated 150 metric tons this year.  The majority of the decline in U.S. gold demand is from the physical bar and coin sector that is down 56% in the first three quarters of 2017 compared to the same period last year.

So, why will the U.S. gold market suffer a deficit if gold demand is down sharply this year?  Well, it seems as if the culprit is the huge increase in net gold exports.  Last year, the U.S. imported 374 metric tons (mt) of gold and exported 398 mt for a net 24 mt deficit.  However, this year, estimates for U.S. gold imports will fall to 250 mt while exports increase to 475 mt.  Thus, the U.S. net export deficit will be 225 mt in 2017:

US-Gold-Market-Net-Balance-2016-vs-2017f

However, if we look at all the data in the chart above, the U.S. gold market will experience a net 76 mt deficit in 2017 versus a 44 mt surplus last year (bars right-hand side of chart).  Again, we can see that U.S. gold imports are estimated to decline significantly this year to 250 mt compared to 374 mt in 2016.  Furthermore, total U.S. gold exports are forecasted to increase to 475 mt this year versus 398 mt in 2016.

When we factor in U.S. gold mine supply, domestic consumption, and gold scrap supply, the market will go from a small 44 mt surplus in 2016 to a 76 net deficit this year.

So, the question remains… what happens when the markets crack, and retail investors flock into Gold ETF’s as well as surging gold bar and coin demand? 



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Gold & Precious Metals

Gold Rally: Indicators Suggest Pause

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Posted by Morris Hubbartt - Super Force Signals

on Friday, 05 January 2018 06:46

Today's videos and charts (double click to enlarge):

SFS Key Charts & Video Update

f1



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Gold & Precious Metals

Strength or “Strength” in the Miners?

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Posted by Przemyslaw Radomski - Sunshine Profits

on Thursday, 04 January 2018 06:40

Gold moved visibly higher during the first session of the year and this time mining stocks accompanied it. In fact, it seems that they are back on the track after a short pause. What’s the likely reason behind this year’s rally and what does it imply going forward?

Let’s jump right into the mining stock charts (chart courtesy of http://stockcharts.com).

2018-01-03-1-gold-stocks

Gold stocks indeed broke above the rising support lines, but since that was only one close above them, the breakout is unconfirmed. There are several reasons to think that it will not be confirmed without even considering the apex-based reversal or gold’s cyclical turning point.

The two things that we would like to discuss with regard to the above chart are: the 200-day moving average, and the RSI above the 70 level.



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