It’s a metallic 4’fer beginning with the economic metals (futures). Copper for cyclicality and gold for relative counter-cyclicality.
Copper is fading to support again. Sure, it can fade to 2.70 while not breaking down, but the preferred support for copper (and global macro) bulls is right here. It’s below the SMA 50 and above the SMA 200.
Gold is having second thoughts at least about breaking above the pattern’s neckline. Apparently promoters’ pompoms at the end of last week were a little disincentivizing. And they were waving. I am holding a chunk of leveraged gold short against miner positions.
Silver clings to support #1, which is the preferred support. But if gold goes lower, silver would probably hit support #2 at 14.50. The chart itself makes me feel bullish, not bearish. But… patience.
Platinum, on which I am long, is still on message of a bottom pattern breakout. That is the case as long as it’s above the 860-880 range.
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