Gary Savage
Gary Savage Articles
The intermediate top in the US Dollar looks to have been achieved. The US Dollar market is doing the opposite of what logic dictates. The problem is of course is that the Dollar has been pricing this in for several months.
Looks like the manipulation in the Dollar is starting to break. I am not fond of mining stocks just yet, but I am watching the gold price to see if it can break past the manipulation here. First line in the sand is around $1,830-$1,835...
Some possibility that we concluded our daily & intermediate cycle low. I expect this to be a 5-8 day rally. $1,835 is the line to break, if gold breaks this then I will change my mind…
Maybe get a bottom today, or FOMC on Wednesday but watch out for options expiration on Friday. Either way, we have all the signs that we are near the bottom.
Embedded sell signal in mining stocks for now. Here's our problem for gold: The price needed to retest the previous intermediate cycle highs...
I tried to warn gold bugs that this was likely to happen, that the intermediate cycle was getting late. This last rally failed short of making a new higher-high. The rally did not do what it needed to do. Gold is not just ready yet to "go...
I'm still a bit skeptical that the handle of the cup-and-handle formation is finished. Not just yet. Gold has to break the $1,920 area high, which gold could potentially do on this pretty powerful move.
Gold market is not an easy market to make money in. Up a little, down a little. Almost impossible to make sustainable gains right now. Virtually impossible to time the tops and bottoms during this churning stage.
We really needed to see gold make a higher high on this last rally and it does not appear that it will do it. Gold is vulnerable to more attacks on Monday morning. What could very well happen, a marginally lower low.
Here is the problem with gold. The last three times gold tried to get above the 200 d.m.a., it was not long before there was an attack.
