Metals, US vs. Global Markets, and The FAANG Stocks Coming Back
Rick Ackerman is back today to share his updated thoughts on the charts for the PMs, global markets, and FAANG stocks. After our last call a couple weeks ago Rick was seeing a bullish set up for the metals. We revisit that setup after the drop on Friday. Also some comments from Rick on how he balances out the weakness he knows we should be seeing in US markets but the fact that global markets are struggling even more.
Click here to visit Rick’s site and learn more about his technicals.
Glad to hear Rick A. back on the KER. I always appreciate his technical insights and pivot or mechanical levels, and get a kick out of his macro commentary. Cheers!
Gold is down 2.2% ($30) since Thursday’s close while GDX is down just 1.6%. Minus 6.6% for GDX would be more typical since it often provides 3 to 1 leverage to gold. Considering the positive action and other technical aspects, I doubt that gold will be going to 1250 anytime soon if at all.
GLD:
http://schrts.co/aHXXCJIY
GDX would have to fall about 6% from here to fill the Jan. 25 gap. GLD and SLV have already filled their respective 1/25 gaps.
GDX
http://schrts.co/QsJvqAga
For anyone following the Lithium markets, there is 90% BS marketing fluff, and less than a dozen real companies.
Orocobre was the 2nd Jr to make it into Lithium production (after Talison “Greenbushes” did back in 2012-2013 but was taken private).
Orocobre had a difficult start and many complications when they first got into production in 2016, proving how it’s more challenging than just defining a Lithium resource, and really companies need an advanced understand of chemistry processing.
It is nice to finally see them being recognized for their achievements, and that their prior CEO was praised for his guidance over the years. I’ve got a small position in them again, but am considering adding more as there aren’t many legitimate companies in the space, and I could see one of the big 4 moving to snatch them up with the Li markets are low in sentiment.
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Orocobre Limited $ORE.AX $ORL $OROCF is proud to announce former CEO Mr. Richard Seville has been awarded and recognized for his dedicated leadership and vision by CEO Today Magazine in their “2019 CEO Global Awards Winners’ Edition”.
https://globalawards.ceotodaymagazine.com/winners-edition/96/
A new short term high is coming soon for HUI:$GOLD but it doesn’t seem like many think so…
http://schrts.co/zJuuBZda
The HUI turned precisely at speedline support:
http://schrts.co/PXfYyuVW
At fork resistance:
http://schrts.co/UmGcGsan
The 55 day EMA is about to cross above the 233 day EMA (bullish) and both were tested yesterday:
http://schrts.co/aaMXVwBD
This is one very positive long term picture for the bulls:
http://schrts.co/VSNxHQYq
For those who can view a monthly chart, HUI:GOLD is breaking out of a fork that spans 15 years:
http://schrts.co/gVJAUeUz
The HUI needs to go up five fold versus gold just to reach the 2004 high.
XAU breakout, backtest and golden cross:
http://schrts.co/fhfYBImW
Rick where do you see miners GDX bottom if gold does break down to $1250 area? Thanks