Let’s take a snapshot of where the precious metals complex stands this morning. Gold probed the upper 1600s and support before the bounce (which continues this morning). Is this the bottom? There is nothing technically to indicate that. But it did drop to a preferred support zone amid terrible sentiment, so it’s possible. You can see the first objective, which is the lost support (now … Continue reading NFTRH; Gold, Silver & Miners in Detail
Well, per the Trade Log I added SVM (to current holdings HL, SILV & MAG) today on the hard pullback, post-hype. Given silver’s intact status and leadership to gold, as long as the silver ETF and individual miners remain intact it is worth a shot (to me, anyway). SIL has given back all of the gains from the hype promotion and that is great. The … Continue reading NFTRH+; Silver Stocks
Chests were thumping and endorphins were releasing on Twitter, as if it were a done deal. Well, the deal is not done yet. But if we are going by the technicals and tuning out the pumpers… Silver is looking good. Silver Miner ETF is okay above the moving averages. Still, it’s not the Reddit style thing they’ve been pumping. I prefer this because it is … Continue reading NFTRH+; In-day Snapshot of the Silver Operation
Now for some perspective, what is wrong with this daily chart of the Silver Miners ETF? Taking it at face value, nothing. A support test is a good thing and a gap fill would also be good. But as of now SIL is not even below its EMA 20. Like HUI, it is at the top of a very key support zone. If it fails, … Continue reading NFTRH+; Silver Miners
A technical update using daily charts for those micro managing the daily moves and shorter-term trends. Fundamentally, I like that the stock market and crude oil have reversed downward today, but one in-day reversal there does not change recent fundamental discussion just yet. But it is reflective of what would need to be happening on a sustained basis for me to get aggressively bullish the gold sector.
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.
A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.
A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.
Well they sure don’t make it easy to get a hard read on things in the very short-term, but one thing we should remember is that this correction is the last correction I expect before a consistent drive upward begins, assuming that either a hard rally or bull market are in the near future. That is due to the symmetry of the weekly bottoming pattern, which will be reviewed in this weekend’s report.
Finally, we have seen the obvious (what most people will now take note of) kickoff to a short-term correction in the precious metals. Depending on the fundamental picture, we can plan on taking advantage of a buying opportunity as we have been noting over last couple of weeks.
A snapshot of the current daily chart technical status of several ETFs…
GLD is bullish but in the equivalent resistance zone as noted for gold in NFTRH 296. MACD and RSI positive, with RSI close to over bought. Key support is at the MA 50 and 200.
Key ETF charts are a snapshot to current technicals, not comprehensive technical analysis.
GLD bumped above the lower end of resistance yesterday and is support for any continuing S/T rally activity. The big test is in the 123 to 125 area and the nose of the former Symmetrical Triangle.
ETF daily charts are a snapshot of current technicals, not a comprehensive technical review.
GLD has lost support after spilling out of the Symmetrical Triangle. Last week it was at the 62% Fib retrace and this week that is in the rear view window. Still bearish.