A few pictures as we prepare to close out another wild and woolly FOMC week.
While other markets, like the Nasdaq especially, are in a precarious situation the gold miners are still on track despite the post-FOMC tremors.
HUI/SPX ratio maintains its uptrend.
Gold/SPX maintains a stance from which it could be making the next low, to continue its uptrend.
HUI/Gold continues to be a-okay as long as it holds the short (EMA 20) and intermediate (SMA 50) moving averages.
HUI (nominal) is completely intact to its intermediate uptrend after today’s pullback.
Gold flopped its consolidation breakout attempt but remains in that consolidation. Insert here that FOMC week sucks. All too predictable.
Silver is still a little messy and still well within consolidation. It has the look of something that could test its up trending SMA 50. But at or above the EMA 20, that is no sure thing at this point.
Bottom Line
In essence, as expected it’s been a lot of noise driving these markets up and down. The result on Thursday night is no change in status. In consolidation. We may have to let the machines ride off into the sunset this week and see what next week brings. But the current posture in gold stocks especially looks more like the next break would be up, not down. Overbought readings have been bled out on the daily time frames.
