GLD is MACD trigger up, on a trend line breakout and at the SMA 50. Balance of data points is a neutral signal. Bull signal would come with a couple closes above the SMA 50 and MACD rising to 0+.
SLV broke from the downtrend line, triggered MACD and is above both EMA and SMA 50. Neutral signal with bull signal very close (maintain MA 50’s and turn MACD green, i.e. 0+).
GDX triggered MACD and broke the trend line. MACD is still well below 0 and price is below the SMA 50. Volume was good yesterday. GDX is neutral.
SIL has triggered MACD and broken the trend line. Signal is just barely neutral.
Precious Metals Extra:
Both the Silver-Gold ratio and the HUI-Gold ratio (leading indicators) are neutral, but Silver-Gold has remained a bullish divergence throughout the Sept-Oct correction as it has consolidated at the moving averages rather than decline.
DBC remains neutral.
SPY remains on a bull signal and is over bought.
EZU remains on a bull signal and is strenuously over bought. Side note: EURO STOXX 50 is in essence, at measured target.
EEM remains on a bull signal.
FXI remains on a bull signal, but MACD remains down-triggered. We continue to watch FXI as a leading market indicator.
Notes:
A reminder that this ETF charting is a somewhat mechanical view of markets. While daily charts are neutral on the precious metals I have personally increased exposure on opportunity this week with the weekly chart’s ‘W’ coming forward as the favored bottoming scenario (206 low) vs. the IHS (theoretical 168 low).
While the US and European markets are very bullish with strong bull signals, the risk is high and by no means is investment at these levels recommended.
