Gary Savage
Gary Savage Articles
This hasn't happened in about a year in a half, but gold has made (marginally) a higher-high. We have not yet seen follow-through, but this is typical. The second or third attempt is when we usually get a breakout.
Oil is very late, in a very mature move higher in oil prices and focusing their trades in energy and most certainly leveraging their trades in this two-years move higher. They are being forced to pick a top. Everyone has become despondent...
Gold is approaching the resistance and it is doing so early on in the daily cycle. Not only does gold need to get through $1,835 area quickly, but also $1,880 within two weeks:
Gold broke the uptrend line and failed to breakout higher. Will the gold cartel be able to break the $1,750 area pivot? Trying to trade gold is nearly impossible in a market like this.
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I think metals are going to break out to the upside. Most retail does not make money because of leverage.
Intermediate decline in progress. I would even suggest that we are in the bloodbath phase, this is when you see selling panic hit from the traders. Perma-bears will come out and start making incorrect calls.
I am pretty confident that we are about to break the manipulation. Virtually every commodity has been going nuts to the upside up since March of last year, what possible reason has gold been stuck?
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…
