3 Metallic Amigos, daily charts

I guess I am making up for a lack of posting the last couple days. Sometimes I need extra time to decompress after the weekend work.

Today the Amigos tell their stories and they are not happy stories for stock market bulls (again, I feel the need to note here that I am long strategic items with a ton of cash, not short). But the relative states of gold, silver and copper prices tell a similar story to that of the Gold/Silver ratio.

Gold (counter-cyclical character) held a short-term support shelf that we noted in a subscriber update yesterday morning. That support is the neckline to a bullish pattern (not inverted H&S because it is a continuation, not reversal pattern). Trends up, gold is fine.

gold price

Silver (enjoys slipping into the walk-in closet once in a while to try on some pretty cyclical things and admire itself in the mirror; also more inflation sensitive than its old fashioned Amigo above) has so far held the short-term support shelf we noted in that same update. A hold of this support sets a short-term upside objective, also per the update (have to reserve that).

silver

Copper (purely cyclical and inflation-dependent) had a big “Ruh Roh!!!” when it finally slipped into the air gap. But now it has a littler “Ruh Roh!” after falling out of a rising wedge/bear flag. Today it’s up enough to get the cyclical folk a little more excited, but it’s in a downtrend below the down-sloped SMA 50 and the chart technically sucks.

copper

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