Trader Dan

Trader Dan Articles

In watching the short squeeze taking place in the gold market this AM, I am noticing that the push higher is creating a WEEKLY UPSIDE REVERSAL PATTERN on the intermediate term chart.
The technical charts on gold are suggesting the start of a fresh leg lower in price. The loss of chart support near the $1075-$1070 level, and the subsequent inability of the metal to move back above that level, has led to both long...
There is absolutely nothing good that can be said about the mining stocks at this point. Then again, there has been little good to say about these things for a long, long time.
Just as the Euro is hanging by a thread above its chart support zone, so too is gold hanging by a thread above a critical chart support zone. The bottom of that zone is the July low near $1070 with the zone extending upward towards $1080.
For the same reason the Euro was sharply lower today, so was gold, namely, a hawkish Yellen testimony in which see used the words, “living possibility” when referring to a potential December rate hike.
WOW! I know no other way of saying it than to say that the Fed took everyone by surprise. I certainly did not expect this Fed, this timid FOMC, to sound such a hawkish note. As dovish as Draghi and the ECB sounded last week, the Fed...
A quick update on GLD for the readers - and by request… GLD reported another nice build in reported gold holdings today – about 5 tons. That comes on the heels of a nice increase the previous day of some 7+ tons.
Crude has been in a range for most of the month of September oscillating near the 50 day moving average. It had been unable to do much in the way of additional upside however until this month, when it finally broke out above resistance at...
As mentioned in an earlier post this morning, the TRIPLE THREE safe havens, the Yen, Bonds and Gold, are all getting a boost in today’s session with the Bonds being the stand out performer as can be expected.
Maybe…based on today’s price action in both the metal and in the mining shares ( HUI), but only short-term. The shares were actually a bit more convincing than the actual metal, which is something one would like to see anyway if they are...

Pages

In 1933 President Franklin Roosevelt signed Executive Order 6102 which outlawed U.S. citizens from hoarding gold.