David Erfle - Gold Market Commentary – Tue 24 Nov, 2020

Gold and the US Dollar are falling while commodities and Bitcoin are rising – Making sense of it all

Dave Erfle joins me for a later editorial today focusing on the moves gold, the US Dollar, base metals and commodities broadly, and Bitcoin. There’s no denying there is a risk on trade right now. We make sense of the key drivers and where certain markets are headed. Also note that gold is under performing gold stocks and silver.

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Comments:
  1. On November 24, 2020 at 5:42 pm,
    Dick Tracy says:

    Gold bounced off $1800, I was hoping it would hold, and it did! Bonzai! DT

  2. On November 24, 2020 at 6:52 pm,
    Glenfidish says:

    It won’t hold!

    Glen

  3. On November 24, 2020 at 7:42 pm,
    Chartster says:

    If gold doesn’t hold right here (now), it’s going to be a big waterfall decline. Probably needed to keep the folks worried (I guess).
    A big bounce is needed to keep away from the big trounce.
    A ‘pivotal spot’.

  4. On November 24, 2020 at 7:45 pm,
    Matthew says:

    Our big breakout-fakeout on the 5th failed after a two-day test of rising speed line resistance. It’s no wonder it reversed so hard after failing to plow through it on day 2:
    https://stockcharts.com/h-sc/ui?s=%24HUI&p=D&yr=1&mn=7&dy=0&id=p84697762800&a=702521099

    • On November 24, 2020 at 8:54 pm,
      OOTB Jerry says:

      Ugly……..

      • On November 24, 2020 at 8:56 pm,
        OOTB Jerry says:

        Looks like Glen’s number is in sight…….$1781……….

  5. On November 24, 2020 at 8:56 pm,
    Matthew says:
    • On November 25, 2020 at 9:14 am,
      CaliJoe says:

      Interesting symmetry Matthew.
      Back in 2003 when oil prices started rising, gold followed. I see the same happening now. Also, most senior Gold miners are also copper producers but stock prices not reflecting that fact.

  6. On November 24, 2020 at 9:12 pm,
    Matthew says:

    If gold goes to the following intersection of speed line and fork support (arrow), it will have to dip below the 233 day MA by the same amount that it did at the March low:
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=6&dy=18&id=p15476893364&a=752776781

    Whether it does so tomorrow or takes a few days, I expect to see significant relative strength in many miners with many not making new lows. Even today there were some positive divergences.

    • On November 25, 2020 at 8:55 am,
      CaliJoe says:

      Most but not all senior miners are in green today albeit “barely in green” but when masses come to realization that how inexpensive they are relative price just a month ago, they will start nibbling them. Buffet has trim down his Barrick position (won’t be surprised if he completely unloaded) I still feel gold could move down in big Whoosh effect and touch $1772 level.

    • On November 25, 2020 at 8:56 am,
      CaliJoe says:

      I deployed 1/2 of my capital yesterday buying more AEM, AGI. Keeping that other half when it forms a convincing swing.

    • On November 25, 2020 at 12:22 pm,
      David says:

      Looks like a hanging chad chart