The gold market was quiet overnight. But it’s still pressing overhead resistance at the $1,363 to $1,378 levels. It remains to be seen if gold will fail here or hold up until Friday and give a weekly buy signal.
Rest assured I am watching it very closely.
Unfortunately, the metals options in the portfolio will most likely expire worthless, unless gold crashes almost immediately, which is still possible.
If we do get a buy signal this Friday, I will most likely recommend going long. But let’s wait and see what happens. The euro is weaker this morning, the dollar stronger. There are still way too many bullish people in the precious metals market and the gold and silver promoters are out in force. Those are very bearish signs.
As I indicated Monday, if gold is to invert again and rise into October – this would be very bad – strongly suggesting new lows for the precious metals to come in 2017.
Meanwhile, the bond market continues to fall and the position in TMV is looking good.
Hold all positions and related stops.
Best wishes,
Larry
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