This week is week 7 of the current weekly cycle. With an average of 18-22 weeks and already putting in a high, we have a long way to go before we find a bottom.
We're currently on day 5 of gold's daily cycle. These cycles average 20-28 days. We've already formed a swing low and broken the declining cycle trendline. Gold needs to reclaim $1740 to get back over the 50 MA. Once this happens, we will be in really good shape to continue much higher.
Silver is also on day 6 of it's daily cycle. We had a very nice move today. Once we break over the $32.45 mark, we'll be in the clear to continue higher. We also need to reclaim the 50 MA. Indicators in both metals are turning up and breaking trendline at this point.
Gold Miners had an excellent day. After two days of closed markets, GDX gap'd up at the open breaking out of it's current trading range.. Miners have just been at 28 year lows. Many of the largest gold miners, also included in GDX, are expected to have big earnings reports for this quarter. If this happens to prove to be true, then GDX will skyrocket out of this bottom.
Also, I will be adding a "Portfolio" folder to the "links" on the side of the home page. I figure if I am going to offer my market opinions and analysis, it would only make sense to hold myself accountable to the positions I am holding as well.
Current personal sentiment is neutral to bullish in metals. Some key levels need to be gained in the coming days, but all is shaping up so far. Dollar feels very bearish to me over the short and long term.
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