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Category: 3 – Gold Trader

Weekly update of precious metals stocks and ETFs and the price of gold itself, featuring Lee Adler’s proprietary cycle analysis, with market trend opinions and stock picks. Click here to subscribe. 90 day risk free trial!

Gold Nears Triggers That Would Signal Brutal Outlook

This doesn’t look good.

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Our entry into last week’s 3 mining picks did not go well. They’re all down a little and are threatening to break support. Consequently, I’ve added stops just below those support levels.

If they hold above that, there’s still a good chance of a rally, but if they break, we’ll take our lumps and come back to fight another day. Once or twice a year we see playable profitable rallies, but we never know where and when they’ll emerge. It requires dipping toes in the water whenever the potential appears. Sometimes it plays out and sometimes it doesn’t in this most frustrating of market sectors.

For the week, there were 22 charts with multiple buy signals. There are 13 with multiple sell signals.  But, on Tuesday alone, there were just 2 buys, and 18 sells. It’s not a picture that xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxx. Non-subscribers, click here for access.

After reviewing the 22 charts with multiple buys, virtually all performed poorly on Tuesday, and none looked any more promising than the 3 picks already on the list. And like the 3 existing picks, all were in position for possible breakdowns. So there are no new picks this week. Wait till next week. Non-subscribers, click here for access.

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Is There Life on Mars, or in the Precious Metals?

Gold remains in a state cycle juxtaposition. Cycles facing opposite directions with none having thrust result in trading ranges. We were expecting this, but it’s still surprising. While a breakdown below xxxx would imply a target in the mid xxxx range there’s no sign that that outcome is imminent. But there’s a xxxxx that the longer swing cycles could xxxx xxxx xxxx xxxx in the July-August window.  X xxxxx breakout xxxxx xxxx would be needed to xxxx the likelihood of that happening.

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Last week’s performance among the mining stocks was again underwhelming but it did produce a couple of charts of interest that will be added to the chart pick list as of Wednesday’s opening price. They are xxx, xxx, and xxx. Charts below (in the report).

For the week, there were only 7 charts with multiple buy signals including one in the past 2 trading days. There are 15 with multiple sells including one in the past two trading days. So overall that doesn’t inspire confidence that the sector is ready to move. But, on Tuesday alone, as the whole market rallied, the precious metals sector saw 29 buy signals and only one sell signal. If there are more buy signals this week, the pick list should grow.

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Gold Stares Into the Abyss and Doesn’t Like What It Sees

Gold is now working on a test of the low. Obviously, it needs to hold, otherwise, this could get a lot worse over the next few months. For example, a breakdown below xxxx would imply a target in the mid xxxx range.

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The screens for short term swing trades were again terrible over the past week. Unlike the above screens, which evaluate current cycle status, these screens look only for new signals indicating a change of short term trend. Looking back over the past week, there were only 3 charts that made the cut on the buy side. Conversely, there were 15 Sells. That’s not a good ratio, although not as bad as the previous week when the score was 3 buys to 35 on the sell side.

The last step in the process is to eyeball the charts on the buy side. One of the 3 was a penny stock. I’m not interested. One of the other two (xxx) was a falling knife setup at support. Sorry, no interest. The other (xxxx) might be a base. Might not. It isn’t a terrible setup, but wasn’t solid enough to entice me in this environment.

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Like Pulling Gold Teeth

The trading range goes on and on, but our two mining picks are doing ok.

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Gold, Not a Good Look

There’s no reason for panic, yet. But a new 9-12 month cycle projection is scary.

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We Hold Our Gold Miners, Add Another

There were few new short term swing buy signals last week, unlike the previous two weeks. The new list had only 3 final buy signals and 2 final sell signals, indicating that there’s no strong impulse in place.

In the prior two weeks there was a heavy preponderance of buy signals after a very strong down wave. That indicated that it was at least time for a dead cat bounce, if not an intermediate bottom. I took a few picks from those and am adding another one this week.  Now we wait and see for a week or two, adjusting stops to take us out along the way.

Meanwhile, the metal hints at an intermediate bottom.

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Gold Miners Make Short Term Bottom, But Wait, There’s More!

I’ve gone bottom fishing, adding 5 mining picks to our one lonely long added last week. The good news is that we completely avoided the crash. But will this move back in be too early, or just right? Download this report to see the charts of the stocks that look ready for something, here.

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Catch a Falling Knife

Cycles are still in gear to the downside in both the metal and the miners and cycle projections still point lower. But there was one mining stock that I liked enough to restart the chart pick list. It’s bottom fishing, but when the sector turns, this big miner looks poised to lead.

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Gold Trader Publication Note

Thanks to an appointment I have with the Government of France on my schedule for today, I will push back posting of the Gold Trader update until early Wednesday.

Not that there’s anything to report. 😉

Thanks for your patience and support. See you tomorrow!

Lee

Time to Catch Gold Knives

There are signs of a V bottom in the miners. Is it time to reach out and catch the golden knives?

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