Gold Cycle Outlook : Cautiously Bullish
Surf City | Jul 27, 2017 09:47AM ET
I am cautiously bullish with today’s new high in gold and GDX (NYSE:GDX) on day 13. silver also made a new high on day 12 but is still lagging gold out of the recent low. Note that I have used GLD (NYSE:GLD) and SLV in my charts today as the price prints for gold and Silver on Stockcharts were bogus once again.
Why cautiously bullish? During the long Bear from the secondary high in 2012, almost every failed gold trading cycle topped on day 10 or earlier. There were a couple that topped on day 11 and one on day 12 as I recall but day 12 was the longest uptrend we saw into a failed Trading Cycle. That said, I am still cautious as my charts will show that PM’s still have much work to do to break out of this sideways pattern that they have been in for much of 2017.
Silver, which has already broken below its Dec 2016 YCL does give me some concern here. The Gold/Silver Ratio, as both Plunger and I have posted on, may be indicating that Credit Markets are nervous about something…
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.