-US DOLLAR- The dollar formed a confirmed price swing after tagging the 50-day EMA. A close tomorrow above 98.00 could signal the cycle low.

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There was moderate Buying on Weakness numbers for GLD today. Data provided by WSJ.

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-GOLD- Gold is in the area where I would expect common cycle low “1” to form. Prices could drop a little further to around $1,270; we are essentially waiting for a confirmed price swing to signal the low.

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-SILVER- Silver should find support around $17.80 as it makes common low #1.

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Note: I didn’t have time to annotate every chart for this update. However, the GDX guidelines below apply to the other miners as well.

-MINERS BULLISH GUIDELINE- The bullish scenario for miners requires a low forming (possibly today) in this area and then a price rally above the $25.93 high. If prices close tomorrow above $24.35, we will have a confirmed price swing and a potential low.

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-MINERS BEARISH GUIDELINE- If miners drop below the neckline ($22.50) and can’t get back above it within 10-trading days it will trigger a head-and-shoulder topping pattern. The target for this pattern is between $15.00-$16.00 in GDX. Note: If miners break critical support I’ll draw up targets for NUGT​, JNUG, GDXJ, etc.

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-SPY- If prices successfully close twice above the trendline, I will question my call for a sharp drop lower into late November.

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Tomorrow is the election, and we won’t know the consequences until early Wednesday morning. I’m not interested in placing any new trades before we have the results. There could be extreme volatility; prices could gap down/up through any stop loss orders before the market opens on Wednesday.