GLD broke above the trend line and triggered MACD, which is still below zero. The bullish objective is to clear the (blue) 50 day moving averages and hold there. Still on a bear signal pending a move above the MA 50’s.
Some in-day micro management for anyone interested. On days like this we are reminded that NFTRH will not be the service that calls out bottoms for you on most occasions because it is a cyclical bear market and a cautious stance has been in effect.
With the precious metals up in pre-market and US stock futures down after political players did the predictable, it is notable that these markets seem to be going opposite the news. This goes against the current technical trends but really, anyone buying the stock market yesterday because of an impending debt deal would have been buying a classic ‘sell the news’ setup. Precious metals are ‘buying the news’, but have technical hurdles as follows.
A quick note that I will be away from the market for most, if not all of the day today. That may be for the best given noise level out there.
Nothing has changed from Sunday and Monday’s communications. I remain in scouting for a bottom mode in the precious metals and seem to be in scouting for a top (at least a temporary one) mode in the US stock market. Again, the problem with each of these scenarios is the Washington noise.
I don’t believe today’s precious metals bounce is anything because we are talking about a market that is fixating on scrambling politicians and what ever scheme they will cook up to extend the nation’s ‘Wimpy’ lifestyle… “I’ll gladly pay you on Tuesday for a Hamburger today.”
GLD remains below the trend line and 50 day MA’s, is MACD trigger down and zero-, and is still on a bear signal.
HUI dropped hard below 217 to a low of 213.10, and as of 1:45 US Eastern time has made a reversal candle. That would qualify as 'holding 217' if it…
Boink, HUI just hit the bottom test. It's all in what it does from here now. A failure of 217 or a bounce off of it?
The SLV-GLD ratio (SGR, upper) has been strong (a positive) but is at resistance defined by the 200 day moving averages. The HUI-Gold ratio (HGR, lower) just plain stinks, in…
GLD is below the trend line and the 50 day MA’s. MACD is triggered down and below zero. GLD is still on a bear signal.
A view of the metals by daily chart. SLV is above the 50 day averages. Next objective would be to break the trend line. There is some volume creeping in,…
In this week's letter it was mentioned that a safer buy point on the gold stocks (as represented by the HUI index) would be with a DAILY chart move above…
GLD bounced yesterday but remains below the red downtrend line and 50 day moving averages with MACD triggered down and below zero. Still on a bear signal.
Yesterday’s noted hints with the silver-gold and HUI-gold ratios look like they will manifest in some kind of bounce in the precious metals at today’s open. At the very least, the good news is that the precious metals are firmly counter cyclical, as the stock market is under pressure due to a weak ADP employment report. Interestingly and logically, gold got crushed yesterday along with the strong ISM, although so too did many cyclical commodities.