AG Thorson | TalkMarkets | Page 15
Registered CMT, Technical Analyst
Contributor's Links: GoldPredict
AG Thorson is a registered CMT and expert in technical analysis. His regularly scheduled reports are released every Sunday, Tuesday, and Thursday. For more information, please visit GoldPredict.com.

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Markets Heading Into A Potentially Volatlile Week
Next week is critical. Precious metals held steady despite the favorable jobs report on Friday. We are now 20-trading days into the first common cycle out of the October 7th lows, and prices should be in the process of forming an interim high.
S&P 500 Short Position
Prices are oversold, in the past, we have seen a bounce or more from these conditions.
October 2016 - US Non-Farm Payroll Numbers
The October US non-farm payroll numbers revealed that 161,000 jobs were created; forecasts expected 173,000 and the unemployment rate is 4.9%.
Conflicting Patterns In The Precious Metal Charts
Prices are oversold, and we may get a bounce. We are quickly approaching the 200-day MA and the minimum target zone. We may get a bounce to relieve oversold conditions, but prices should keep heading lower in November.
The 8-Year Cycle In Precious Metals
Gold prices form a major low approximately every 8-years. Further study reveals this cycle centers around a US Presidential election, either arriving slightly before or just after the November election.
Selling On Strength In Miners
Oil and stocks are behaving as forecasted. However, metals and miners aren’t. Therefore I had to reassess the charts looking for alternate scenarios. Yes, one of the scenarios is medium term bearish.
Gold Price May Have One More Quick Drop
Metals and miners are roughly 9-trading days into this bounce off the October 7th lows. That satisfies the requirements for a rebound. I'd like to see prices start moving lower soon.
Stock Market Update
Gold prices may be setting up for a sharper decline than previously expected. Prices breaking below the 211 level could send things lower quickly.
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