Using the ETFs for a real time view…
SLV is filling a gap near 15.50 and tagging the SMA 50. That’s the 1st potential support. Better support is 14.40 (SMA 200) to 14.75 (trend line).
Here we play the short-term technical game again despite the gold sector running against its own fundamentals (i.e. as the ‘inflation trade’, including mining cost input oil, continues higher). At some point this will matter.
But on the other side of the coin are price, momentum and technicals. A Monday open can be a tricky thing, but as of this moment GDX is in a posture to break the most recent consolidation.
A quick look at GDX as a general guide to the gold stock sector. The pre-market indication is that GDX will fill the gap up from last week. After that…
The precious metals were due to pull back and here is a pullback. Please review this morning’s post for a look at how the macro market is setting up for the gold sector’s next bullish phase. Remember that we launched fundamentally based on gold’s out performance of nearly everything else, as indicated by the weak silver-gold ratio. But the rally matures as silver vs. gold matures.
Everybody with eyes to see prices too far above certain moving averages knew that the gold stocks were going to pullback. But as this year has shown so far, a…
Not so fast folks. Per an NFTRH update this morning GDX is not yet indicated to be correcting and I sold my DUST positions (sorry, I did not make a…
Normally I want to try to avoid updates about what I am doing with personal trading, especially during emotional, hype-filled weeks like FOMC week. But with the gold sector so in the spotlight lately and with my stance (about the risk of a correction) I assume well known, I wanted to update you on a move I am making this morning.
Our little Nugat theme is all done now because I no longer like the taste of being leveraged short the miners. I am taking +15% on the trade and moving…
Understand that in-day moves can also be whipsaws, so take them for what they are; current views and not a daily or weekly close, which are firmer.
GLD is breaking the Triangle. If this is successful, the next stop might be 1308 for gold per this morning’s update.
We have noted the key pullback support level equivalent to HUI 140 (GDX equiv. is 16.90) and so far this has not even been tested (the lowest GDX got was…
The daily charts of HUI, GDX and GDXJ below show pullback support zones as the (mini or maxi) reaction from over bought status takes hold. As noted, HUI 140 is…
I want to update the charts from the last two updates (GDX, XLE and SPX) and also have some words about the markets overall. GDX hit the first resistance level…
A brief daily chart review... Yesterday GDX continued to follow through on its trend line breakout, which came on volume and was noted in NFTRH 363. This continues to look…
Yesterday we showed the ETF charts that were at bounce points (if they were going to bounce). Today GDX and GDXJ are up around 4%. I grudgingly added a couple…