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Today 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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Today I wanted to mention a couple of observations in the Metals markets and the Dollar. Also - you may want to re-read yesterdays report, it came out late in the day and really not much has changed. I am still trying to figure out if that HUGE move by GOLD & SILVER Monday indicates the end of a short first daily cycle , and the start of a new one? If so GOLD would likely POP higher soon (Jobs report? ) Or, As mentioned, was that strong slam down & reversal just putting in a daily cycle high and now we drift down to a daily cycle low. THIS chart was posted to show that idea in GDX 2008 lows.
You want to be in for the second leg up
Some have stated that the recent surge in the DOLLAR (And it continues overnight) shows extremely bullish conditions and they fear that GOLD will crumble as the Dollar plows higher.
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