We're getting new divergences now. Miners with decent earnings are getting stronger, those without are stuck at low levels. Silver is dong worse then Gold short term suggesting Gold is reacting to the rising inflation stories and Silver is more correlated with broader market direction ( like Copper ). Of course Gold/Silver are always somewhat correlated. In general miners are putting up weak earnings but they still remain cheap stocks. Will Gold go higher or is this just a more impressive fake out again ? Guess we'll see I'm still light on Gold/Slver miners using the strength to sell some old positions that reached b/e. I probably should have stuck with OceanaGold, Argonaut Gold, Silvercrest but they were recent trades I made money on and sold. However, this area can turn negative on a dime and I was happy to make some money.
A red day for US markets Wednesday, most sectors which included crypto but gold and silver popped. Silver close is below resistance line of 24.8 but intraday briefly popped above. Gold closed above resistance 1833. I would expect a short term pullback will occur, we are coming off a base, don't expect high acceleration at this point in time. For long term traders/investors, probably now is a good time to accumulate.
The past week a good week, using technical analysis theory a number of bullish confirmations. a) Closed near high for the day and for the week b) Closed near high for month c) Closed above resistance 1850 if we use a round number d) Close above MA50 e) Close above MA200 f) Winessing higher lows, after ~1920 we'll be having higher highs. Silver has not quite penetrated MA200. What does MA200 have to do about it? It's a widely used indicator which from my observation, when an instrument is above most often display bullish continuation. Practically, buyers are more encouraged than when it's below. Not quite out of the woods yet but with seasonality in with the sprinkle looks like the gold Santa rally may have begun, still a tad early though to begin eating cake. I'm expecting we'll see a pullback sooner rather than later, down to ~1800.
My gut says 1900 before 1800. On the Feb 22 contract. P.S. Any cake without some form of chocolate is BS cake. WAY too many sprinkles.
On hourly chart, peaks are getting shorter in time, what's gonna happen? Pop up (breakout) or fall away into a retracement? Place yur bets!
Tis indeed horrible, can't think of anything worse, finally beginning to recover out of this hole I had dug myself in over a year ago.
That's the problem with gold, when it gets going it really flys, specially me as I'm neck deep in this shit with multiple positions.
I bet you're not in as big a hole as me. Silver would probably have to hit $50 for me to break even on the crap I bought 8 years ago