We have been talking about the EMA 20 on the gold stock ETFs and HUI as the first level of support. Here is the view of HUI holding that area (orange dotted line) so far.
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…
In the weekend report we used weekly charts to show that gold has taken a good chunk of its apparent price risk out as key support was not too far away beginning in the 1180’s. Silver had lost the breakout above the would-be supportive EMA 55 and HUI was well above key support, now 140 (lateral support at October highs) to 148 (gently rising EMA 55). We have also been noting 211 as the point that greatly improves the prospects of a bull market, technically (I think the probabilities are that one is in progress, but the technicals are what they are).
The theme is that the pullbacks and/or corrections, will come. The terror attack in Brussels may have been the flashpoint for such a pullback. As noted in a public post, gold’s rise on the fear or ‘safe haven’ bid (I shorted it) is not a good thing for the gold price beyond the flashpoint. The only terrorism that matters for gold is Central Banking terror committed upon currencies and financial systems.
For months we have been having a little fun with some bears who were managing the final "plunge" using log charts. Here's the weekly log showing the breakdown that tantalized…
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…
Below is a chart from this morning's pre-market NFTRH update in which we laid out 3 levels to watch for on an over bought pull back. We had noted in…
I sensed people were getting antsy in wanting to buy gold stocks for fear of prices running away. That is why we had a couple updates noting the over bought…
Here is the simple HUI daily chart we used in NFTRH 380 to show the parameters of 'bounce' vs. 'bull signal'. The higher high Huey is making above the December…
We have a target in the 70's by a bigger picture monthly (log scale) chart that we have been following consistently in NFTRH. The log scale helps us see the…
From this morning's pre-market update: "Gold and silver are down slightly in pre-US trading. If the gold stocks make a second day in the green we can start to take…
US Stock Market SPX has now hit and exceeded 2100. This was the rough measurement of the 'W' pattern and with a +/- tolerance, the general upside limit of what…
The Semiconductor sector was very bullish yesterday and it is a leader. SOX refused to break down and this relative strength now manifests in a partial market recovery pre-US open…