Putting aside the pre-market drop in precious metals, we’ll review the charts as they stood at yesterday’s close.
GLD is neutral, with a bull signal to be determined by MACD going green and the price remaining at or above the 50 day MA’s.
SLV has made a bull signal yesterday.
GDX is neutral above the MA 50’s.
SIL is on the verge of a bear signal below both 50 day averages.
Additional Precious metals indicators:
The silver-gold ratio remains in consolidation and the HUI-gold ratio remains above the 50 day MA’s. These are positive indicators (again, today’s pre-market notwithstanding).
Gold vs. crude oil is constructive to the gold mining sector’s fundamental case and gold vs. commodities is constructive to our macro thesis of ongoing economic contraction on the big picture.
DBC is on a bear signal.
SPY is on a bull signal, is very over bought and made a bearish engulfing candle yesterday.
EZU is on a bull signal and is very overbought. MACD has triggered down and a bearish engulfing candle formed yesterday.
EEM is neutral above the 50 and 200 MA’s but MACD triggered down and price still below the broken sharp uptrend line.
FXI is neutral, pending a hold above the 50 day MA’s or a failure of same.
