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Gold fell over $77 an ounce yesterday, for a 2.86% decline, to close below it’s 50-day moving average and the low of last week. It’s been pulling back for the past few weeks, after it hit a record high right below $2800 an ounce in October.

This pullback is going to bring a long-term buying opportunity, but when?

Gold is trading in a stage two bull market and still remains well above its 150 and 200-day moving averages. A bull market is defined by a market that trades above those two indicators and those indicators trend up, which is still happening with gold and silver.

During bull markets these moving averages act as long-term support levels, to make great entry points, when they are tested, which typically happens once a year. For example, the S&P 500 started a new cyclical stage two bull market in late 2022, and most recently tested its 150 and 200-day moving averages in early August when the VIX spiked to 65.

That was the last good entry point for the stock market, people buying now are chasing.

The 150-day moving average for gold is currently at $2487, but is trending up, and will get into the $2550-$2600 area in January.

Gold could just fall more and go to $2500 quickly, but it more likely will bounce back up before it gets that low.

Gold is more likely to hit some sort of low this week and then go sideways, much like it did this summer from April to August, and hit those moving averages late this year or in January.

This action in gold is causing the few American traders who got interested again in gold, silver, and mining stocks the past few months to sell out and for the masses to ignore gold once again. The buyers will remain foreign investors and central banks around the world for the foreseeable future. One billion has flowed out of the gold ETF’s that trade on the US exchanges in the past seven days.

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Watch this breakdown of this stock right here.

And…..

Silver usually is more volatile than gold, but silver actually didn’t fall as much as gold did on Monday and silver may continue to act stronger than gold for the next few months.

Silver is already not far from its 150-day moving average.

Silver didn’t go up as quickly as gold did, when silver had its big from higher August to late October, and that is likely why it has not been falling as much as gold on a percentage basis during this pullback.

-Mike

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