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Right now I am comfortable with the present information indicating that we did see an ICL in Early November. It also appears that when we look at Gold and Miners, they have moved forward in what is likely going to be a "Right Translated" daily cycle. There is no way to KNOW this ahead of time, but what This means is that it "Peaks" its highest point in that Daily Cycle more than halfway through it. That also means that it will break to new highs once it has found its daily cycle low and reverses higher. So while I am comfortable that things are still lining up properly... I never like to get Overly Comfortable. The markets can do anything , so we stay alert . Lets examine what the Gold/ Silver/ Miners are looking like after last week, and then discuss a few other things.
Gold On Friday after the jobs report ended like this -
Notice this important fact about Gold ...
Read MoreToday we get the Friday Jobs Report. Yes...FRIDAY! If you've followed my reports for the past 4 Fridays, it has been a day for GOLD shake outs. This is GOLD as I start writing, we might as well expect some shaking . Looking at this chart , however, You can see that a drop below the bottom trend line (& later a recovery) would just be more noise.
We are also anticipating a Daily Cycle Low, so a drop in GOLD and Miners is possible, but should lead to a higher low. REMEMBER - Daily Cycles can last 20 + days ...
Read MoreAfter looking at a few thousand charts yesterday , I am thinking that it might just be time to take some positions if you dont have one. Though we "COULD" dip down into a daily cycle low, I again have to wonder if that SMACK DOWN last Friday-Monday was the end of a short daily cycle. THAT would mean we are in the 2nd DCYcle. Also looking at charts of many Miners yesterday, they look like good set ups , some have very little downside risk vs what could be a nice %-Gain to the upside. Take a look with me and see what you think.
GOLD 4 hr chart this morning. Looks pretty bullish as I write (7:00 A.M.)
SO I mention above a possible future DCL with the Jobs report Friday, but this cup & Handle also looks like it could POP higher for a couple of days. IF a DCL is still ahead, it THEN may only drop to a DCL that isnt much lower than right here if break out of this cup/handle soon. LOOK AGAIN at GOLD WKLY as of yesterday...
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