NFTRH; Precious Metals Indicators

I have had the HUI 220 to 225 potential hanging out there for quite a while now.  Interestingly, today with gold and silver getting hammered that HUI support zone looks far away and out of reach, unless the sector is going to totally break down.

I suppose that is a good thing, with the relative strength shown by the miners.  The HUI 225 potential we continually note is proof that we are not dealing in pie in the sky optimism.  So when I show you some indicators that look positive, please take them for what they are.  I am not trying to convince you that all is well.  I am just showing you the relevant pictures, whether positive or negative.  That is my job; not to cheer lead, but to show positive and negative markers as I see them.

First off, weekly GLD shows the Symmetrical Triangle parameter in gold.  There is no further room for decline (it is actually just blow the triangle line).  Today pretty much has to be it, the wipe out day prior to reversal in the coming few days… if there is to be a bullish reversal.  Otherwise gold will technically break down.


Weekly SLV is self explanatory.  Hold support or goodbye silver.


Daily silver vs. gold (SLV-GLD) is holding support and is actually positive so far today.


GDXJ vs. GDX is status unchanged and in a series of higher highs and higher lows.


GDX vs. GLD is little changed as well.


Bottom Line

We should respect the Triangle in gold and support in silver.  They must reverse from current levels or they will be technically broken.

All the rest of the beneath the surface indicators are okay and a positive divergence at this snapshot in time.

HUI 220 to 225 is still obviously open, unless there is a bullish reversal pronto.

If any of the above parameters are unclear, just pop me an email.