When last we left the 3 Metallic Amigos… I can’t remember the detailed individual statuses and am too busy to go read the post. They were something like borderline hysterical gold, attractive silver and bouncing (but not yet bullish) copper. So here’s today’s update on these Amigos.
Gold is testing the high today after not even pulling a 38% Fib retrace. A real bull market launch may not pull back to a nice neat support/retrace level (38%, 50%) but that does qualify as a test of the big picture breakout at 1378, which has for years now been our (NFTRH) Bull/Bear line of demarcation. As long as that holds up, gold is in a bull market. Can it be making a very short-term double top? Ah, sure. But it can also be ready to rip higher. Point is, gold is not yet beyond a pullback potential to the 1350-1375 area but man, it’s bullish.
Silver continues to look delightful as it bull flagged above the moving averages and is turning those MAs up now. I believe it is headed for a higher high to the February high on the fairly near-term. More than that, we continue to watch for silver to take up precious metals leadership. Then the fun really begins, and not just in precious metals but finally, maybe commodities as well.
Speaking of commodities, Doctor Copper failed at the 2.75 resistance area we laid out previously. Surprised? Anyone? Bueller? The commodity complex, including the good Doctor here, will be ready only after Silver/Gold ignites a spark. And even then there might be a lag. Commodity trends are generally down and trends need to be respected until they begin to change (for ref. see silver beginning to slope its SMA 200 up and notice how gold did so back in May).
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