3 Metallic Amigos, Daily Futures Charts

Copper found resistance at the 200 day average and the first shelf of lateral resistance. RSI seems to be marching in a stair-step uptrend on the short-term and MACD just went positive. The best that can be said is that the bounce is intact but if Cu takes out 2.85 then it really gets interesting.


Gold is above the bull/bear marker and still subject to near-term corrective activity. Some will cry that the negative volume bombs were evil entities trying to suppress good and righteous gold. We will however, claim that gold got too well bought and has needed to relieve that condition. It’s in process. 1378 is the exact bull/bear marker we tracked over the last few years.


Silver got some volume bombs of its own, going the other way. We had planned for a swing toward silver relative to gold and it sure did come about as the wise guys (hedge funds, black boxes, etc.) caught on to the play.

Silver is overbought and deserves a rest (code for pullback). But if bull market rules have taken over overbought situations could be opportunities for people to de-position themselves if they get too cute on the trading, especially in the miners. The arrows show the now firm series of higher highs and higher lows and the moving averages show the trends bending upward to confirm that situation. You buy pullbacks within up trends.


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