Happy Thanksgiving From the 3 Metallic Amigos

As they ride off to their respective gatherings let’s get an update from the metallic macro Amigos.

The counter cyclical Amigo has existed outside of the small bear flag since we highlighted its potential last time. This is in the context of a larger consolidation that could one day be looked back upon as a large bull flag that began from obvious resistance. The chart labels the support areas (and the all-important SMA 200).

gold

The cross dresser Amigo (a commodity one day and precious metal the next) is also outside its little bear flag and 16.20 continues to look like the best support area to my eye. Silver is doing fabulous work in burning off the momo from last summer.

silver

The cyclical Amigo continues along in bounce mode as some market players (myself included, uncharacteristically) party hearty while others build their FOMO, and all the while the media serves up more reasons that 2020 will be more bearish than bullish. When they finally stop doing that we’ll have a signal and my rough feel is that we need to close out last year’s Christmas Eve massacre with a similar but opposite event.

copper

So the daily chart above is okay. But the weekly and monthly charts below? Not okay. Not okay at all. I realize that the daily above would have to indicate the positive changes to come to the charts below but the thing is, the chart above continues only to be in bounce mode and its trend is gently down.

coppercopper

Happy Thanksgiving.

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