It is interesting how sometimes a chart will do what it thinks it is supposed to do, even in the face of other information that says it should do something else. Silver’s chart, as we have been noting, was supposed to test support and that is what it has been doing while the rest of the precious metals complex rises.
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.
It had been noted that I sold URG with some level of remorse. Well that impulse is responsible for my having bought back part of the position today before it got to the noted support around 1.50. That’s between URG and me.
In January of 2013 NFTRH used the Semiconductor sector as a 'canary in a coal mine' to a potential coming phase of US manufacturing strength and an economic bounce. This…
GLD has reached the resistance that is the initial objective for the rally off the December bottom. On its bull signal but at a logical point of consolidation or reaction.
Precious Metals
Understand that I am making no assumptions here because the analysis has been constructive on a continuing rally (or even cyclical bull market) for the precious metals sector.