Here’s what’s catching Erik’s eye in this very selective precious metals market
With the precious metals market continuing to be largely ignored by the general investor currently I have Erik Wetterling, Founder of The Hedgeless Horseman, share the companies he is liking. We discuss how he is trading around drill results and how he views value in the Golden Triangle.
JDST(6/7): Likely Bottom
mY GOLD AND SILVER STOCKS ARE SLOWLY COMING BACK EXPECT MORE VOLITILE ACTION .
The low for gold/GLD so far today was just above the 50 week MA…
https://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=5&mn=0&dy=0&id=p23021507415
Matthew, do you think that 50 week MA for gold will stop the fall?
I do think so. Both gold and GLD closed last week below that MA so the bears are pushing for the same this week. If it becomes clear late in tomorrow’s trading that the bears will get their wish, worried longs can sell or hedge since it would not be a bullish development at all.
Here’s a closeup of GLD so you can see last week’s close below the MA:
https://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=1&mn=0&dy=0&id=p11815701867
I think so too, but if I am wrong I have the patience to wait without worrying.
For some of my holdings, me too!
The fact that GLD was only able to partially fill Monday’s big gap today tells me that the 50 week MA is a popular level for a lot of buyers. The 233 day MA is similar to the 50 week and it also held on a closing basis:
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=5&dy=0&id=p59031754269
Hi Matthew – Is that what you call a double island reversal? Seems too good to be true. I guess tomorrow will be the tell.
Hi Charles, tomorrow will definitely be the tell! We really need a convincing move higher across the whole sector but the risk-reward is great since a failure levels are so close by for gold and many miners. If gold closes below the 233 day MA (1827) or worse, the 50 week MA (1821) and the miners don’t take off on their own, it will be a very bad sign for the short term. Of course, there are plenty of other supports to watch and many are also nearby like the important “P” pivot on the weekly gold chart:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=0&dy=0&id=p54814895560&a=849321722
I did quite a bit of buying today but am prepared to sell some tomorrow if I need to (liquid stuff only, I’ll keep the tiny cap juniors through any further downside and probably buy more).
It’s very clear what we don’t want gold to do tomorrow:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=8&dy=0&id=p72650580934&a=894178779
A close above yesterday’s high (1856) is just what we need:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=11&dy=0&id=p33446920489&a=848353817
https://blog.smartmoneytrackerpremium.com/ Gary thinks we’re getting close to the breakout FWTW.
I hope Larry and Al will go to globalcancersymposium2.com tonight and listen to Dr. Peter Glidden. It could open Al’s eyes.
This is the right shoulder so talked about long ago which is a pattern I have been watching till now. If gold holds then this pattern is exactly the one or very close to what I had been looking it. However I’m looking at another pattern and it has us going down to $1681-$1684 first target. Which means could hold there or go even lower..
For what it’s worth the right shoulder is still in play. Someone kicked me in the ass the other day and said so much for it.
Glen, that was not very appropriate for someone to say—alll that right shoulder probably needs is a little surgery.
+1000
We don’t give those out often Mr Doc 🙂
Hey Doc how are the technicals looking now on kdk??? Was that your buying that made it pop up today?😎
Wolfster; how about that—-there’s only one thing technically that worries me about kdk—-there’s a big gap up a number of weeks ago. If we get aa down draft in the metals market it wouldn’t surprise me if it try to move down there. I must move markets sometimes.
Wolf,
I can’t say anymore then doc has said!! I’m not just talking about myself or doc, Jordan, Gary “ second guessing himself” and many of you out there worried! That November low is very suspect and does not feel with history as a true low! So I don’t care what anyone says in all respect, if you are in leverage or already used all your ammo, let me give you a tip! Don’t sell if we go to new lows.. try as possible to hang on you will win in 7 months if it earlier. And if this is not the bottom I’m making money regardless.
Don’t fret either way we are in a bull market no manipulation can win!
Glen
Jerry come back already we miss you amigo 💪😃
Thanks guys. No worries here. I decided to go long term with kdk. Drill results will tell the story
Hi Doc – I had replied back to you yesterday regarding KDK and mentioned that it was as an attractive point to accumulate it, and didn’t know if you saw those comments in reply to your question about Kodiak. Cheers!
Interesting silver fork action:
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=2&mn=6&dy=0&id=p98986464971&a=687498907
The superimposition of the two forks is incredible (arrow). If any one of the highs and lows marked by “b” and “c” happened at a different price or on a different day, the forks would not be so perfectly aligned. I’ve had the same thing happen with speed lines and Fibonacci fans and always wonder what the odds are of such occurrences.
If anyone is following the IM Cannabis today apparently is the day it will start trading post share consolidation to get the price at a level to qualify for the Nasdaq listing. Another reason to like it when it gets to the Nasdaq,there will be only 40M shares outstanding
Yep, I saw that reverse split in IM Cannabis to get ready for listing on the big board.
Thanks Wolfster for keeping us abreast of the situation. I added a new position in the ETF MJ today, since it has pulled back the last 2 days, but want to add some individual pots as well, and IM Cannabis is one I’m considering, along with Red, White, and Bloom that you mentioned. Dan mentioned Fiore Cannabis yesterday as well.
It’s wild to think that I pulled some profits from Lithium stocks in January after they had a good run, and put them in crypto miners, but pulled profits on Argo Blockchain and Hive today, and placed in them a Cannabis ETF. So from Lithium, to Cryptos, to Pot…. I’m not sure which is the most bubbly speculative sector, but it has been fun to trade. 🙂
However, I’m still waiting on the other shoe to drop in these overly frothy markets, as it seems like almost every sector has just been ratcheting higher and higher for some time now. When will the music stop?
S.T.A.T.S. (20210211)
Possible Qualified Turn*
Gold and Silver Miners
Up: Topping or Topped
Down: Thursday (18 Feb)
Uranium Miners
Up: Friday (12 Feb)
Down: Next Week
*Plus/Minus One Day
( 20% / 45% / 35% )