Here are a few of yesterday’s charts updated as today’s pivotal events (no pun intended) play out.
Silver vs. gold turned up yesterday and today. Potentially positive to inflation case and commodities.
GDX is above support.
GDXJ is at support.
GLD is losing lateral support but note that a gap is being filled. If it can fill this gap and reverse, it would be a positive. But a weekly close below 123 would look pretty ugly. Hype fueled surges, like the stuff that went on amidst the Ukraine, Russia, Israel, Gaza problems never last and are always closed out.
Here are gold and silver prices from BullionVault. Gold is at support but making a lower low to July. Silver is a little below the preferred 19.50 to 19.75 range, but for now I am going to place more importance on its ability (or lack thereof) to out perform gold per the first chart above.
I believe we have all of our parameters now and any more micro management will probably increase the noise level too much. If you have any questions as to the analysis, don’t hesitate to pop me a note at the ‘gt/biiwii’ address or the contact form above (if you are reading this at the site).