Sun and Storm Investing Market Timing Blog™

A Market Timing Report based on the 11-22-2013 Close published Sunday November 24th, 2013

Under the pressure of rising interest rates, gold is breaking down again as the chart shows below.  It is a Bear market.  No buy there.  Wait until support forms.

Here’s the chart:

Gold broke support and is falling again.

To keep up with my latest thoughts on gold on my access page, you’ll need the password, which you can get here:

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I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2013 By Wall Street Sun and Storm Report, LLC All rights reserved.

A Market Timing Report based on the 11-15-2013 Close published Sunday November 17th, 2013

Last week I said: “GLD  must soon find support at 122.73 or 121.85 or the extension of the lower white channel line or 114.68 (bottom red line) will be the next target.”  Gold is now above critical support, but if you look at the chart below, you’ll see that there is a high surrounded by two shoulders, one formed by one lower high to the left on the chart and the other formed by a double top at a lower high on the right that matches the height of the lower high on the left.  That’s a head and shoulders formation, which if it breaks would allow GLD to fall to about 111.  Ouch!

Here’s the chart:

Gold is in a bit of a dangerous place.

Gold is a bit weak in the overseas market tonight.  It’s good it held a third test at the red line.  That’s a lot of testing.  Another test is likely to break.

If GLD can hold above the 2nd red line from the bottom of the above chart, it has a shot at making a new high above the 8-27 high.

To keep up with my latest thoughts on gold on my access page, you’ll need the password, which you can get here:

Free Subscription to My Newsletter

Standard Disclaimer: It’s your money and your decision as to how to invest it.

Follow Me on Twitter Here

I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2013 By Wall Street Sun and Storm Report, LLC All rights reserved.

A Market Timing Report based on the 11-08-2013 Close published Sunday November 10th, 2013

GLD  must soon find support at 122.73 or 121.85 or the extension of the lower white channel line or 114.68 (bottom red line) will be the next target.  Gold is falling because interest rates are rising and it is believed that the economic recovery is under way.  Rates rising in recovery is the expected scenario.  If rates rise too fast, inflation is contained and gold serves less of a purpose in protecting one’s wealth.  That’s the theory.

Here’s the chart:

GLD is in danger of another fall.

I expect GLD  to test the red line above the lowest one on the chart above by tomorrow.  GLD is down slightly in the overseas market tonight.

To keep up with my latest thoughts on my access page, you’ll need the password, which you can get here:

Free Subscription to My Newsletter

Standard Disclaimer: It’s your money and your decision as to how to invest it.

Follow Me on Twitter Here

I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2013 By Wall Street Sun and Storm Report, LLC All rights reserved.

A Market Timing Report based on the 11-01-2013 Close published Sunday November 1st, 2013

GLD (now @ 126.95) made it through all three resistance lines last week and then reversed back BELOW all three.  The breakout was a fake-out or false breakout.  The close on Monday was at 130.56, which was a bit too cute, being just 0.05 points above the breakout.  Here’s the chart:

Gold fails at resistance after the Fed meeting.

I expect GLD  to test 125.15 and then if that does not hold, the recent low on the daily chart.

The gold weakness followed the Fed statement.  The market believes that the economy is recovering, so that less in the way of QE will be required going forward.  That means higher interest rates with the Fed stepping out of the picture.

The thing that could help boost gold (GLD) and silver (SLV)is the impression that the Fed WILL NOT be able to step out of the way without having interest rates go to prohibitive levels that would shut down the economy.   The other is rising inflation which is not in the picture at the moment.  Inflation won’t be a problem until the economy starts growing too quickly with rates still very low.

Gold will do the best if it stays above the next support level, which would define a higher low.  Otherwise the momentum it had will have been lost.

To keep up with my latest thoughts on my access page, you’ll need the password, which you can get here:

Free Subscription to My Newsletter

Standard Disclaimer: It’s your money and your decision as to how to invest it.

Follow Me on Twitter Here

I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2013 By Wall Street Sun and Storm Report, LLC All rights reserved.