GLD remains on a bull signal with MACD above 0 and the price above supportive 50 day moving averages.
Silver as noted in NFTRH 275 is having a problem keeping up. An approximation of the trend line noted for silver in #275 is drawn below on SLV. That is a ‘must hold’. MACD has gone red and price is below the moving averages. Technically this is bearish. SLV needs to get going now. As in, now.
GDX is taking a normal correction and is on a bull signal with MACD green and price above support at the MA 50’s.
SIL has declined just about to the support we noted last week. It is on a bull signal above support and MA 50’s, with MACD green.
DBC is on a bear signal below the moving averages and is dropping out of what could be a well organized bear flag and threatening to fail the neckline again.
USO is neutral within the moving averages, with a sub-0 MACD triggered up.
URA is correcting an over bought condition. Support is noted. Bull signal.
TLT rammed the resistance we noted last week and is finding just that, resistance. Bull signal but over bought.
SPY dumped out of the wedge noted last week but halted at the support line that was also noted. SPY is now neutral.
EZU dumped a wedge as well and is also neutral.
EEM is on a strong bear signal.
FXI is on a strong bear signal.
Bottom Line
- Precious metals status has not changed. A correction to fix short term sentiment and technical over bought readings was likely. Silver must find support soon. If it turns out that silver is a negative divergence and gold/miners start to make negative technical signals, we will note it ASAP. Short of that we should not let a couple of bearish days paint the TA, which remains largely on bull signals in the sector. Interestingly, this includes silver miners, which are right above support.
- Commodities in general remain a mixed bag. NFTRH remains neutral at best for now on the complex. The DBC chart above is breaking negative.
- Slowly the US and European markets seem to be degrading, under the leadership of the flat out bearish Asian and Emerging markets.
