Another solid report this week. I know that because it helped me out yet again in trying to understand all the components in play across markets; all the tops spinning…
A snapshot of current daily technicals…
Precious Metals
GLD continues to rise toward the measured target around 128, where it would be over bought. Support is 117 to 119.
A snapshot of current daily technicals…
Precious Metals
GLD broke up from the pattern neckline and smashed through the SMA 200. That area around 120 is now key support. Upside target measured off the pattern has been around 128, where it would be very over bought.
With all the hype and noise built in to daily and weekly market management, sometimes it is worthwhile to dial out, calm things down and touch base with markets on the big picture. Here are views on various markets (with limited commentary) by way of some NFTRH monthly charts.
Let’s start with currencies, since they are a reflection upon global policy making, which has been unprecedented in its direct market interference over the last few years.
Nominal Charts – Currency
We noted the hot air patch in the Canada dollar last year. I had thought CDW might stop and find support at 85, which is a measurement from the topping pattern; but so far, no dice.
Fellow commodity currency Aussie is at what should be a strong support zone.
[edit] evidently my uninformed use of stockcharts.com’s symbol for the Rupee is incorrect. I have had input that this chart is an inverted view of Rupee-USD. Looking into this.
A snapshot of current daily technicals…
Precious Metals
GLD broke back above the first key support level. 120-122 will be a big test. A rise above 120 would put in a short-term higher high to go with the recent higher low. 114 is where key support begins.
First report of 2015 and it seems to be well grounded and on plan. This one helped me personally to qualify and quantify my views as to where I think…
A snapshot of the current daily technicals…
A lot has changed since last week’s ETF update. One notable exception is the first item…
Actually it was out much earlier but I had to get it in the can and run this morning. So now I am back and here to tell you that…
Excerpted from the November 2 edition of Notes From the Rabbit Hole, NFTRH 315. Public readers please filter with the idea that the style of writing meshes with much of…
A technical snapshot of key ETF’s…
GLD has bounced from critical support (equiv. of gold 1180). MACD triggered up is positive.
We have not checked in on this motley crew at the public site in a long time (NFTRH keeps a running tab each week). Here are the monthly views of the basket cases we call major currencies.
Uncle Buck and his reserve status were leveraged to the hilt by “The Hero” and now his successor is trying to gently talk the Fed out of its policy stance over time. In other words, tightening is going to come one way or another and Janet Yellen is trying to go the orderly route. When this process becomes disorderly, the USD is likely to benefit from the liquidations elsewhere in the asset world.
Technically, USD is in a long basing pattern. There are those who think it is basing before a renewed decline, reading a Symmetrical Triangle (continuation) pattern into poor old Unc. I think the odds are it is bottoming over the post-2008 years when inflation – try as they might to have promoted it – simply has not taken root *. Leaning bullish, watch support and resistance.
The gold miners are on the expected bounce from very over sold conditions. As you can see, HUI, GDM and XAU are all dealing with resistance at the 'neckline' to…