Loading ...I thought I’d illustrate the sort of pattern that I think may be building for Energy Fuels (EFR on the Canadian Exchange, UUUU in the US). On a short timescale it looks fugly, but zooming out gives us an idea where this may ultimately be going. Sub $1 and it’s going down the toilet.
Edit: Gold chart added
It’s all in the chart…
The gold chart below gives a really good perspective, As Patrick has said, ignore the noise. As far as silvers takedown today – it wouldn’t surprise me to be around $18.50, maybe more by Friday (and remember, that’ll be the monthly close, so pretty important).
Edit: Silver bowl/arc and GDX charts added
…when the gold price in US Dollars comes up against the old highs ?
Not a recommendation. Just my observations…
IF this chart is valid, patience is about to be rewarded
Don’t expect lasting, sustainable moves as a result of whatever Kim is doing in North Korea, or the latest spat in Iran, or a virus in China. Long term, it’s financial cycles and monetary policy that matter.
Edit: Added a chart for Americas Giold & Silver which illustrates some of the ‘pent-up’ potential in the sector.
Edit: Added chart for Barrick Gold
A longer, larger correction will come (I believe), but, for now, everything points towards a significant move up into the $1750-$1850 region…
Edit: Silver chart added
Nothing is set in stone here. You’ve all seen my numerous posts explaining why I think the technical set up is looking superb, and perfect for a very significant move to the upside. I’d be doing a disservice if I didn’t acknowledge other possible outcomes (as Fully and others have very well pointed out). I consider this a low probability, but unlikely things do happen.
I’m not turning bearish, but I do have an open mind.
I’m attempting to analyse and compare Silvers price action back in the 1980’s to now, but am unable to get a chart on Stockcharts that goes back before 1980 (I have no idea why, as I used to be able to go back to 1970). Regardless of that though, I’ve looked very closely at what’s happening now, and this is my advice…
It’s time for silver and the miners to either confirm the long-term PM bull market, or let us know it’s all been a mirage.
All the evidence I can find, and the years of charting on here gives me 80-90% confidence that we continue towards the old highs from here. There is a 10-20% probability (in my mind) that something else transpires, for reasons I have either overlooked or failed to consider correctly. That’s all I can say at this point, except good luck to everyone here.
Looks perfect for a long-term PM bull market…
This ratio has broken out to the upside, putting us in the same position as late 2002/early 2003. This piece of evidence adds a lot of weight to the view that a long-term, cyclical bull market in PMs is just beginning.
Beats a Moccha-chocca flat-white frappacino with fruit infusions anyday .
Seriously, this is picture perfect stuff. On the left is what Investopedia has to say about ‘cup & handle’ chart formations. On the right is the HUI as of today…
Surely, the entire investment/trading community must be seeing this ???
A more promising chart is hard to imagine…
Gold and silver have broken out of their consolidation patterns to the upside. I wasn’t expecting that to happen until after FOMC next week. Let’s see where we close today. I’ll rest easy if we continue to advance next week.
The gold/silver ratio is yet to signal ‘game on’ for the PM bull. Are we nearly there ?
Anything can happen, and PMs could plunge post-FOMC. Both gold and silver charts do appear well positioned to blast off though…
Firstly, as has been said and noted before, PMs can, and do sometimes rise along with the US Dollar. As you’ve seen from my recent posts, gold priced in US Dollars is following the exact same path as gold priced in all the other global currencies, it’s just lagging behind. Could the US Dollar Index rise to 100, or 120 ? Yes, of course. It’s quite possible that my ‘inverted dome of doom’ could fail, with the Dollar breaking out to the upside. Rambus chart analysis is second to none. The Dollar could continue to lose value against gold (gold priced in Dollars continues to rise), but if all the other currencies devalue vis-à-vis gold at a faster rate, and their relative ‘value’ falls faster, then the Dollar Index will, indeed trend upwards.
Regardless of that possibility, I’ve taken a closer look at the $XEU, Euro Index. I can see a bullish case here…
Here in the UK, and in the US. Looks compelling…
Don’t shoot me down in flames here. I’m stepping a little out of my comfort zone, and attempting to see how this might all fit in with Elliott Wave theory. Firstly, I believe a logarithmic price scale is appropriate here because of the stage we are reaching amongst the FIAT currencies of the world. Here’s some Elliott Wave basic principles (taken from Wikipedia)…
Fully’s Edit:The graph was too large for the post and ran off the page….blocking all postsPlease see if it ca be reformatted
Northstars Edit: Apologies. I left the Elliott Wave explanation off this time and I’ve tried ‘thumbnail’ for the chart. Should enlarge if the reader clicks on it.
Some cold, hard facts…
Gold in GBP & EUR leading the way for US Dollar gold (also, CAD, AUD, JPY, CHF, INR, CNY, TRY, etc, etc, etc)
