In not rising strongly after the FOMC minutes time bomb, the precious metals mining ETFs now have the potential to be building bear flags with their upward biases. This includes diminishing volume (GDXJ and SIL as well), which supports the bear flag scenario.
Yesterday it was noted that the reversal upward would be a good step in the right direction but that a weekly close in that state was needed to ‘confirm’ (to the degree that anything in a financial market can be ‘confirmed’ ahead of time) a reversal to bullish.
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…
There has been a lot of talk about how gold is not a good inflation hedge. Indeed, with the recent bounce in inflation expectations, this was shown to be true…
Referencing one of our main themes for the last half a year, the case for the gold sector is supported by the case for economic deceleration. It is not supported by inflation, as in the recent bounce in inflation expectations as the US dollar declined.
The gold sector often rises with inflation expectations as silver out performs gold and so do commodities. But the gold sector’s fundamentals are fed by counter-cyclical activity and today’s payrolls report was right in line with that. In the ‘pullback’ update on Wednesday we also noted that the ‘gold ratio’ macro indicators remained positive as well…
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…
With reference to the previous posts about about weak economic data, the fundamentals for gold are getting a boost in this data. Durable Goods, Machine Tools and Consumer Confidence have all decelerated. The risk of the Fed being sensitive to inflation may have been reduced here in favor of not wanting to tank the markets.
A few weekly charts of larger gold and silver miners originally shown in NFTRH 390 as part of a package of 11 different stocks, large and not so large. AEM…
On April 7 in pre-market we had an extensive update on gold, silver and especially, the miners. This update is now public for your review. If you check it out…
I am taking partial profits in the gold stock sector because those who could not hold off anymore seem to be buying in. That is capitulation. One item I'll take…
GDXJ is going to break one way or the other pretty soon. It's in a Diamond, which is a consolidation pattern, usually thought to have no bias between trend continuation…
With all due disclaimers about FOMC week and gold’s bearish CoT structure, we note the following gold miner pullbacks on daily charts. With reference to the minor support level of 19 noted in an update on GDX yesterday (HUI 160-165) and the possibility that short-term support could be found there…
NGD hit its equivalent support at around 3.40.
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.