Lee AdlerIf gold’s trading feels like an indecisive mess to you, it is because it is. Short term and intermediate cycles are all opposed to one another, and there’s no impetus in either direction. But there have been signs of life in the miners, and we have a few picks to swing.
The short term outlook isn’t positive, but the longer intermediate cycles remain on the buy side. There’s just one thing to look out for, and it’s big. Plus, we hold on to two mining picks, and swing with another.
There are signs of hope in the charts of gold, and the miners.
The 13 week cycle projection rose enough to give some hope that gold will break its downtrend. But Monday’s selloff in the miners was mildly problematic. Here’s what to look for, to signal that the worst is over.
The good news is that the 13 week cycle up phase now has a projection that indicates some upside. The bad news is that that projection won’t break the downtrend. Here’s what needs to happen for sustained good news.
Meanwhile, last week’s swinging miner picks did well, and I added one more for good measure, despite low expectations.
The bad news is that the 13 week cycle up phase has been weak, and is on the brink of failure. The worse news is that the 9-12 month cycle low is now overdue, and the projection points lower. Much lower. However, a couple of the miners show signs of potential upturns. I have featured charts of those in this report.
While I wish there was a basis for optimism, we need to be realistic. Here’s what needs to happen.
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There are hints of a bottom, but it’s not clear if a final low is in.
Short term indications say that the bottom is in. Intermediate indicators say, “Whoa, not so fast!” But they’re close. Here’s what to look for that will tell you, yep, that’s it!
Gold broke down last week. The future doesn’t look bright. I can’t sugarcoat it.