Sunday, November 27, 2016

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Gold is Oversold but Broken

Posted: 27 Nov 2016 01:06 PM PST

The Daily Gold

Eric Sprott: If They Take This Down Low Enough…

Posted: 27 Nov 2016 01:00 PM PST

“It’s Just Been A HORRENDOUS Month.”  Will Gold and Silver Prices Begin A Massive Rally in 2 Weeks When the Fed Finally Hikes Rates, Just Like in December of 2015? Eric Sprott On the PAIN in the PM Markets, & If A Bottom Is Near:   From SprottMoney: 2017 2 oz Silver Queen's Beasts The […]

The post Eric Sprott: If They Take This Down Low Enough… appeared first on Silver Doctors.

Gold is Oversold but Broken

Posted: 27 Nov 2016 11:23 AM PST

Last week we wrote that the 2016 bull market in Gold and gold stocks had gone off course. It had moved too far out of the historical boundaries to remain a bull market. There was also other evidence of such including but not limited to rising real yields. Gold's last hope was to hold $1200-$1210 and rebound back to the highs. It has broken bull market support ($1200-$1210 and $1230) and could be on its way to $1050 in the next few months.

The monthly candle chart of Gold is shown below. Gold is down 7.4% on the month and has sliced through the important support at $1200-$1210 as well as the 20-month moving average at $1201 and the 40-month moving average at $1231. The 40-month moving average has been an excellent primary trend indicator throughout Gold's history. There is a little support at $1150 but nothing standing in the way of Gold heading for a retest of its low at $1050.

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Gold Monthly Candle Chart

 

Gold is not only weak in nominal terms or US Dollar terms but it is showing weakness in real terms. Below we plot Gold against foreign currencies (the US Dollar basket) and the NYSE, a broad equity index. Gold/FC has been strong for several years but it has lost support and looks headed lower. Meanwhile, Gold/NYSE lost support at its 400-day moving average and could retest its 2015 low.

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Gold vs. Foreign Currencies, Equities

 

Gold is clearly broken but its decline is due for a pause. Gold has been strongly correlated to the bond market which may have made an interim low last Wednesday. Also, the gold stocks are showing a positive divergence. Even as Gold lost $1200/oz and traded down to $1171/oz, the gold stocks (GDX, GDXJ) did not make a new low. Furthermore, the market has now fully priced in a quarter point rate hike in December.   

The odds favor a rebound in the days and potentially weeks ahead. Traders and investors should use the rebound to de-risk their portfolios, raise cash and hedge if the opportunity presents itself. Don't think about buying until we see sub $1080 Gold and an extreme oversold condition coupled with uber bearish sentiment. For professional guidance in riding the bull market in Gold, consider learning more about our premium service including our favorite junior miners for 2017.

Jordan Roy-Byrne, CMT, MFTA

Jordan@TheDailyGold.com

 

The post Gold is Oversold but Broken appeared first on The Daily Gold.

A Note On Gold And India - What Is Driving The Gold Price?

Posted: 27 Nov 2016 07:19 AM PST

Jim Willie On Election Results & Currency Market CHAOS: The BIG ONE?

Posted: 27 Nov 2016 06:38 AM PST

Uneasy Gold & Silver Prices Have Been Mauled Since Donald Trump’s Election? Jim Willie Has Been Warning The Dollar Would SOAR Just Prior to Its COLLAPSE. Are We Witnessing the Beginning of The End?   Download Podcast (Right Click + ‘Save As’)

The post Jim Willie On Election Results & Currency Market CHAOS: The BIG ONE? appeared first on Silver Doctors.

Breaking News And Best Of The Web

Posted: 27 Nov 2016 01:37 AM PST

The political focus shifts to upcoming Italian, French and Austrian elections, all of which could go against the establishment. India’s war on cash may turn into war on gold. US Durable goods orders and service sector jump, home and car sales plunge. Black Friday store sales underwhelming. US dollar at highest level of the year. […]

The post Breaking News And Best Of The Web appeared first on DollarCollapse.com.

Silver Miners: Profits Poised to SOAR?

Posted: 26 Nov 2016 09:01 PM PST

The silver miners recently finished reporting their third-quarter results, offering a hard fundamental look into this sector.  This reality check is valuable given the fierce winds of bearish sentiment buffeting silver stocks in recent months.  Despite their huge correction, the elite silver miners' fundamentals remain strong. They are producing at costs far below prevailing silver […]

The post Silver Miners: Profits Poised to SOAR? appeared first on Silver Doctors.

Traders Say “No Thanks” To Gold

Posted: 26 Nov 2016 03:01 PM PST

Precious Metals Stock Review

Gold not safe enough in India so hoarders opt for silver bars

Posted: 26 Nov 2016 03:01 PM PST

GATA

Jack Chan: This Past Week in Gold

Posted: 26 Nov 2016 03:01 PM PST

The Gold Report

Donald Trump Said Willing To Consider A Gold Standard

Posted: 26 Nov 2016 01:05 PM PST

Perhaps THIS is why the Elites were so desperate to prevent a Donald Trump Presidency?      From Justin O’Connell: Marijuana for medical purposes? President-elect Donald J. Trump is for it. Helping people when they come to the US asking for help? "Absolutely," he says, with a caveat: "People have to come into the country legally." […]

The post Donald Trump Said Willing To Consider A Gold Standard appeared first on Silver Doctors.

Jack Chan: This Past Week in Gold

Posted: 26 Nov 2016 12:00 AM PST

Technical analyst Jack Chan charts the latest moves in the gold and silver markets.

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