Loading ...Final Wash Out
It has become so predictable. CPI comes in double expectations. Inflation is totally out of control and definitely not transitory. So what does gold and silver do. Drop like a rock going over a cliff. And I am not surprised. I expected the hotter than expected CPI(not a double) I also said late last week to expect higher gold and silver on Monday(not much of a pop) and the usual Tuesday takedown. The spin that will be used to explain the counter intuative action, will be some combination of , the FED will have to acknowledge the hotter than expected inflation(they will while still not abandoning the “transitory” nonsense) and the prospect of earlier tapering is strengthening the dollar, so that is bearish for gold and silver. Low risk buying opportunity. Tuesday only lasts for 24 hours, this final takedown probably won’t.
KL is looking good, nice inverse H&S and a good pop today
Yes, looks like a good BO. Keep an eye on NEM for confirmation.
It’s quite possible that the HUI and gold have bottomed. On the HUI daily chart, the high of July 8’s outside candle has been taken out today, which to me confirms that the July 9th candle was a bullish Harami candle signifying a bottom. Also, the 14 day RSI is signaling that a major low has been struck.
Good additional evidence that the bottom is in and a slow steady climb has begun. So many have been lulled into complacency and doubt that it is likely to get significantly higher before most realize it. Especially if it is a slow grind. We will see if the pace picks up later in the week.
It’s quite possible this rally will be explosive.
A few stocks look OK, most look weak. NEM is still in it’s big ass bear flag 🙁
Agree NEM hasn’t broken out yet(came close earlier today) but chart to me very bullish. Will break out before the week is out.
Too many “final take downs.”
“Low risk buying opportunity. Tuesday only lasts for 24 hours, this final takedown probably won’t.” If you are lucky, since you missed yesterday’s opportunity, you may get a quick selloff when Powell’s testimony is released later today. If so take advantage of it!