• 2 hours Could China Start Dumping U.S. Treasury Bonds?
  • 18 hours Is Winter Coming For HBO?
  • 24 hours Rise Of EVs Signals Peak Gasoline
  • 2 days Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 2 days Gold Mining Stocks Stuck In Limbo
  • 3 days Executive Order Targets Huawei Over Espionage
  • 3 days Why Now May Be The Best Time Ever To Hold Gold
  • 4 days Fake News Sinks Shares In UK-Based Bank
  • 4 days De Beers To Build $468 Million Diamond Recovery Ship
  • 4 days Moody's: Turkey Faces Possible Credit Downgrade
  • 4 days Tesla's Solar Sales Are Slipping
  • 5 days Auto Industry To Get Temporary Tariff Relief
  • 5 days Welcome To The World’s Biggest Free Trade Area
  • 5 days Central Banks Are Stockpiling Gold At The Fastest Rate In Half A Decade
  • 5 days U.S.-China Impasse Threatens Rare Earth Trade
  • 6 days Wall Street Bears $1 Trillion Brunt Of Trade War
  • 6 days Mobile Sports Betting Isn’t Quite Minting Millionaires Just Yet
  • 6 days The Marijuana Industry’s Shocking Secret
  • 6 days A Generational Shift Is Quietly Unfolding In The Mining Industry
  • 7 days Pentagon To Pay $6 Billion To Help Build Border Wall
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  1. Home
  2. Markets
  3. Other

Gold: October High

Gold lost $8.90/oz. last week to close at $1,137.10 but on Friday printed an engulfing bullish candlestick. Gold gained $22.90 on Friday marking last week's expected cycle low and closed on the 89-dma. The 89-dma is an important marker of regime change but beware past Pinocchio breakouts. Any breakout through the 89-dma will find next resistance close-by from the 8/21/15 high near 1,160.

Gold has been below the 61.8% retracement of the 2008 rally (wave 5) since July. Long-term, this opens the door for a possible return to that low near 700. A triangle forecasts a minimum decline in gold to 1,000.

Cycles indicate that an important high is due in October. A 4yr cycle low is not due until the first half of 2016 keeping the long-term outlook bearish.

Seasonality is bullish in the first half of October but manages to lose all its gains by month-end.

Gold Chart: 100 oz Composite Continuous
Larger Image

 


Get your copy of the October Lindsay Report at Seattle Technical Advisors.com

 

Back to homepage

Leave a comment

Leave a comment