GLD is in consolidation at resistance. It is bullish until proven otherwise. Support is anywhere from the visual lateral support at 122 to the gap and moving average convergence around 125.
SLV continues to make an orderly and bullish looking consolidation down to the anticipated support test area.
GDX is making a bullish looking consolidation at resistance. There is strong support in the low 24’s.
GDXJ is making a bullish looking consolidation at resistance. Support is 38 or so.
SIL lost the first support area yesterday, but looks like it is in a small falling wedge, which can be a bullish consolidation. Key support is between 12.50 and 13 within a still bullish intermediate picture.
RIOM (bonus chart per subscriber request) has support at 2.10, which I would like to see held because the next support level is would be below the 50 and 200 day moving averages. It is forming a sloppy pattern, but would-be buyers who like RIOM/RIO.to for fundamental reasons should be buying at 2.10, perhaps with a mental stop (for traders) below 1.90.
DBC lost support (industrial metals and oil weakening and precious metals consolidating) and turned it into resistance. Next support is 25.
USO dropped through support. The next support is the moving averages at/above 35. A hold of support keeps it bullish, a loss of support turns USO bearish.
UNG is making a weird pattern above its long term breakout line, which is key support to the bullish view.
DBA is very over bought and needs correction of the excess.
URA, while less excessive, is getting a correction as needed. It can drop to the 16’s, where there is support.
TLT is looking for support at the moving averages.
SPY key support is 185. Below that level the bullish picture would be compromised for an interim correction at least.
SMH is threatening to come back into the uptrend channel. Key support is noted, and it is important since it is also the decade old marker to current analysis and the question of whether US stocks are going to go into blow off mode prior to the bull’s termination.
EZU is wobbly and could be double topping. A lower low to the early March low and loss of 40.50 would be bearish. A rise back above the red line, move along nothing to see here.
EEM remains bearish.
FXI is bearish, but still above support.
Bottom Line
- Precious Metals: Nothing has changed, it remains a consolidation of the initial up move. Thus far everything appears normal.
- Commodities continue with the mixed bag routine. Some are still on pure momentum and some are correcting.
- Stock Markets look suspect. US and Europe look like candidates for an interim correction, but there is no confirmation yet. Emerging and China continue to look flat out bearish.
