USD Pullback Targets and Key Levels For Silver and GDX
Jordan Roy-Byrne, Founder of The Daily Gold shares some updated targets for the US Dollar, Silver and GDX. There are a lot of differing opinions on the dollar right now but even a further pullback does not change the charts to bearish. As for the bounce in PMs, we are not seeing silver or the stocks lead the way.
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In case you BBB holders missed it:
long BPMC and ARQL
Rogers says he wont buy until just under a thousand, hmmm, actually he has been saying that for a long while now, but who else was looking for just under a thousand? saying the same thing? hmmm
Thx for having Jordan on Cory, he is definitely a person to listen to when you have the chance.
Maybe things turn around in sept.
long INFI
Well, the good news is, COPX and URA are about to look good..?
Rick’s Pick for Friday
Another Reality Check For Bullion Bulls
Published Thursday, August 30, 6:08 p.m. EDT
Rick’s Picks will always be a good place to visit if you’re a gold bull in need of a reality check. I promise to call ’em as I see ’em, relying solely on charts, rather than on something as pathetic and sentimental as “feelings,” to guide my forecasts. Right now, those charts are saying one thing very clearly: gold sucks. This pains me as much as it does you, since, like many subscribers, I’ve got ingots, Maple Leafs and Krugerrands socked away for that rainy day we all know is coming. And it truly vexes me that one can buy a St. Gaudens double eagle — one of the most beautiful coins ever minted — for close to melt value. (Hey, swap ’em for bitcoin, you jackasses!)
Rally ‘Too Subdued’
Which brings me to today’s chart, a picture of Comex Gold that goes back to late 2016. Notice that the current rally off an 1167.10 low recorded two weeks ago has been rather subdued. Given that the prospect of a drop beneath the December 2016 low at 1162.00 should have scared at least some bulls out of their positions, we might have expected the rally to be steeper and livelier. Instead, it has died just shy of the green line where a “counterintuitive” buy signal would have been tripped (see inset). The so-far failure of the CI trade to trigger is a bearish sign. It suggests that another test is coming of the 1162.00 low, and that if support there fails, gold will be headed down toward 1000 to test a more important low that occurred at 1046 in the final days of 2015. That’s the technical picture, and there is no way to sugar-coat it.
What!?!? 😉
I am LOOOOOOOOOONG ASM for me and SLV for my son. I have been closing out all my 3x metal / miner plays when I can bank some profits. Hard to trade 3Xers that are trading sideways. Got a scout to unload on USLV next chance I get.
Inflation is taking off. Mish Shadlock won’t be able to ignore it much longer, you’d think. Even the price of cinnamon is going up. 🙂
https://thefelderreport.com/2018/05/22/eric-cinnamond-on-the-rapidly-increasing-inflationary-environment/