Goldtent TA Paradise

Sssh, Don’t Tell Anyone…

1. Patrick says:

   July 17, 2020 - 2:13 pm at 2:13 pm

   HUGE day and week in the making for the ENTIRE precious metals complex…

   • North says:

     July 17, 2020 - 2:27 pm at 2:27 pm

     Bring it on. We can take it. 🙂

     • Gold Learner says:

       July 17, 2020 - 3:31 pm at 3:31 pm

       While the post above was for HL, I’d like to share with fellow goldtenters the un-golden words of the Perma-bear, Przemyslaw Radomski, just for the record:

       He emailed this free analysis today:

       ——

       In yesterday’s analysis, we wrote the following:

       The USD Index moved visibly lower this week – also yesterday – and gold has barely reacted. As you can see on the lower chart, gold miners have also simply moved somewhat up, but not to – let alone above – their recent highs.

       This “nothing” means that the precious metals market doesn’t want to move higher without a decline first. And based on the multiple factors that we covered previously, especially in Monday’s flagship Gold & Silver Trading Alert, it’s likely that this decline is going to be major.

       The lack of reaction to bullish indications from the USD Index also suggest that PMs might be vulnerable to strong reaction given a bearish lead from the USDX. And since the USDX just moved below 96, it seems that we’re likely to see another USD upswing shortly. In fact, it might already be underway. After all, all recent attempts to break below the 96 level were followed by invalidations and rallies. That’s how the huge March rally in the USDX and the huge downswing in the PMs started.

       The USD Index has indeed invalidated the breakdown below the 96 level. This time, the breakdown was not significant, so the comeback was not clearly visible either. Just like if you put a ball underwater – it shoots back up, but if you put it just a bit below the surface, it will still go back, but not as quickly and that’s perfectly normal.

       The important thing is that it comes back at all and the same thing is with the USD Index right now. In March, the initial move back up was sharp, but that was not when gold rallied the most. After moving back above 96, it then paused for a bit and moved higher shortly thereafter. It was this post-pause move that wreaked the greatest havoc in gold, silver, and mining stocks.

       And you know what the USD Index has been doing in the last several hours?

       It’s been consolidating around the 96 level. The moves are not as big as they were in mid-March, which is in tune with the current volatility and the fact that the USDX didn’t move much below the 96 level previously.

       At the same time, the USD Index is moving around the neck level of the previous head-and-shoulders formation. Since the breakdown below this line was already invalidated, we view this action as neutral-to-bullish – definitely not bearish.

       ———

       The battle lines are drawn.
       The last two weeks of July should bring some fireworks, one way or the other!

       Locked and loaded!

       GL

       • Northstar says:

         July 17, 2020 - 4:04 pm at 4:04 pm

         Thanks for sharing

2. Dangermouse says:

   July 17, 2020 - 5:14 pm at 5:14 pm

   Shhht ! Please don’t tell anyone that I sold all my Hecla Shares at 1.49 USD !!