Loading ...Gold & Silver – Where Are We Now
After strong breakouts and rallies, the precious metals have been in a two to three week correction.(depending on how you look at the charts) The price part of it, while seemingly steep, isn’t really, considering the size of the upside moves.
The time part of the correction might seem short in comparison to previous ones, however, nothing of the current situation and set-up, compares to the past. We are ready to bust out to the upside very soon. If not today, then probably, next week.
You truly are a master! Thanks for sharing your wisdom and daily work.
Sir CM,
An uptick, yes.
A blast to the upside, maybe not.
The “sitter” mentality wants the upside blast to happen, but the “cycles” analysis asks, is this a bounce out of the DCL (e.g. did silver finish its DCL that started after its peak of 29.90 or so) or the ICL is in place?
I am heavily into juniors, and (i) their lack of volume is amazingly pleasing! (ii) very few, if any are hitting new lows
But the mid-tiers and seniors have given back 20-25-30-35 % from their recent highs.
I’d like to ask TA for DNN, which I traded out of, full position (yes !!!!!) at 2.12 on Feb 1st, 2024.
Uranium and its miners were overbought and due for a correction.
Is that correction over? This novice looked at MACD and the MACD histogram, and is itching to re-enter for a quick double or so 🙂
GL
Don’t follow uranium. Quick look at DNN chart, I have no opinion. As far as gold, silver and those miners, it is onward and upward from here.
The first move higher this morning was impressive. This immediate pullback is actually positive. Use it to get in. There are two more economic releases this morning. One at 9:45 and the other at 10AM. Once they are out of the way the metals should resume rising. The key thing to watch for, is do they eventually take out the earlier spike highs. If they do, it is all clear to the upside. If they don’t take out those highs today, it will have to wait for next week.
Silver: spiked up to 26.86, immediately shoved down over 2.8% in minutes!
And GOOG and AAPL: 70 billion and 110 billion in share buybacks?
Why now? Ohhh … the unemployment report sucks so much, that a crash has to be averted at all costs!
How does one do TA?
GL