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It was another bad week for precious metals as Gold declined 1%, Silver over 2% and the miners lost over 6%. The S&P 500 closed the week at a new record high. The Gold to S&P 500 ratio closed the week at a new 17-month low. Click Here to Learn About TheDailyGold Premium

A steepening in the yield curve to above 0 and in a vertical fashion indicates an imminent recession. The yield curve has steepened to -0.17 and flashing yellow. If the steepening continues and accelerates, then it would be code red and super bullish for Gold.

Gold enters the week at $2052. It has support at $2020 and $2000. Gold is trading at the midpoint of its range and has already tested resistance at $2100. Meanwhile, Silver has not come close to testing its previous high and is trading at the low end of its range.

There is no cup and handle pattern in Silver (although there is super bullish potential if it approaches $50), nor is there a bull flag and we have to stop drawing diagonal resistance from the 2011 peak.  

It was a quiet week for Gold, Silver and the miners. Resistance remains at $2100 for Gold, while Silver remains well below $26. The miners lost 4%-5% on the week.

We cover the yearly, quarterly, monthly and weekly candle charts for Gold. Gold closed the year and quarter in strong fashion, but it needs to break $2100 to generate further momentum to the upside. Click Here to Learn About TheDailyGold Premium

The technical setup for gold and silver stocks is bullish as 2024 beckons. Putting macro aside, we focus on the price action for GDX and GDXJ as well as the breadth indicators for GDX and highlight a few comparisons. Click Here to Learn About TheDailyGold Premium

Next week brings a number of key timeframes for Gold, which closed the week at $2069. We want to see it maintain these levels as it closes the quarter and year especially. The gold and silver stocks may correct a bit next week but the medium term outlook looks bullish.

The signal is a steepening yield curve driven by a decline in the 2-year yield. This has preceded or coincided with nearly all recent market declines and recessions. There are a few examples of the 2-year yield declining but then making a lower high amid an over-bullish stock market. The market then declines considerably after … Continue reading

Gary Tanashian discusses and analyzes the yield curve, potential recession signals, the outlook for the stock market in 2024 and Gold and gold stocks near and intermediate term trajectory.