A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
This one is cut and dry technically. Europe has been bouncing as expected and is apparently overjoyed about some Ukraine-Russia talks. Backing out the hype what we have here is a hard down in an ETF that lost its uptrend and the 50/200 day moving averages. It is now bouncing right back to them.
Folks, being a long standing gold bull on the big picture it is a little weird for me to do this. But NFTRH+ is a service that focuses on technical trading and GLD/Gold are in a bearish setup. Hence, it is noted for those interested.
I have had the HUI 220 to 225 potential hanging out there for quite a while now. Interestingly, today with gold and silver getting hammered that HUI support zone looks far away and out of reach, unless the sector is going to totally break down.
‘+’ updates have thus far been on non-precious metals items because of the extended grind of would-be bottom patterns in play for the last year, and because other items have had more definable and actionable setups. This morning I want to look ahead at the juniors and explorers since the patterns are maturing.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.
Yesterday we had some supports threatened and in some cases broken. Today these are being repaired. Further, the Silver-Gold and GDXJ-GDX ratios remained at a potential bottom and a short-term uptrend respectively.
There is not much new here, but I thought I would pass along an updated view by daily charts…
With Copper rising above the converged 50 and 200 day SMA’s (around 3.18/lb) and with commodities in general at do-or-die support, I wanted to put up a chart of COPX for future reference for you copper/base metals aficionados.
Here are a few of yesterday’s charts updated as today’s pivotal events (no pun intended) play out.
BBRY is a turnaround play, pure and simple. John Chen is at the helm and has a tough job ahead of him in re-branding this company from device maker to ‘internet of things’ software developer.