NFTRH; GDX Daily Chart
GDX made two high volume down days and is bouncing. This chart attempts to gives short term parameters and technical perspective.
GDX made two high volume down days and is bouncing. This chart attempts to gives short term parameters and technical perspective.
This chart shows HUI dropping through the 205 parameter today. While it is technically at support (and getting sufficiently over sold) as you know, without fundamental incentive, I am not near the view I had in Q4 2008 (buy!). No way, no how. Not without a fundamental case that is engaged and measurable. This update then is simply a technical status check on HUI for those interested.
ETF updates are meant as a snapshot of the current technical situation, not a comprehensive technical review.
HUI is coming to 205, as anticipated. That is the key support zone to a big picture bottoming stance.
As has been the case often lately, the precious metals are positive in pre-US open. These have tended to be fleeting positive vibes, but we should keep the technical parameters in view nonetheless because a) you don’t want to buy (or at least hold) a sucker bounce and b) just maybe the forces of right and good ;-) will one day break out of this funk. So we should stay tuned up on what constitutes bull and bear in the precious metals.
It is a mixed messages market. With all the bearish indicators, we have had some fairly severe downside in several momentum related indexes. This begs the question ‘was that it?’ with regard to ‘the correction’?
ETF updates are a snapshot of current daily technicals, not a comprehensive technical review.
The latest data from Bloomberg shows yields declining in gold’s favor today as the short end (2’s & 5’s) drop in yield faster than the long end. That is a bump up in the curve.
Today was quite impressive for the bulls. A public post at the site showed the SOX coming right to its trend line. I day traded LSCC for a good profit today and would you believe I actually had to remind myself to take the profit? Seeing the SOX at the trend line helped get me going, after letting some profits turn to losses by not being decisive in this market.
A piece at 321gold.com by the man who "was way ahead of my time in forecasting the rebound in Lithium and Graphite" prompted me to look at old friend LIT,…
With NFTRH 290’s 29 pages, we did not get to the gold macro fundamentals segment this week. So I want to put up a brief update to go over a few charts.
Note: To keep unwanted clutter out of the in-boxes of those not interested in trade ideas NFTRH+ updates are no longer being emailed. They are posted at the site and accessible using the password for the current week. On Monday an NFTRH+ idea was presented for the NDX.
*Note, I am going to post NFTRH+ dry runs at the site using the password for the week, but will not send a direct email, so as not to clutter the in boxes of those who are not interested.