Steve Penny, Publisher of the SilverChartist Report, joins us to share a handful of charts (all posted below so you can follow along) starting off with both the daily and weekly gold chart, highlighting the price action building energy in the compression triangle and the key levels of overhead resistance and of support down below at the triple-tested $1675. Next we move over to the weekly chart of silver, and how it’s been contained by the downtrend line since the silver squeeze high in February, and that after moving up recently in the bearish rising wedge pattern, it has broken lower from the resolution of that pattern and is near support at $21.81.
Next we switch over to the platinum / gold ratio chart for a look at an interesting technical setup and discussed a few macro drivers for platinum. We wrap up the technical analysis portion of the discussion with a look at (URNM) NS Global Uranium Mining ETF as a proxy for the basic trend higher in most uranium stocks since March of 2020, and how things may be set up after the recent corrective move in the sector.
Towards the end of discussions, we talked strategy around how Steve manages risk in his portfolio by diversifying across a few different stages of mining companies and commodities, the value he sees in utilizing a separate trading account from his longer term holds to act on promising risk-reward set ups, and we discuss the importance of having an exit strategy plan and derisking ones portfolio as a bull market matures.
Click here to learn more about the SilverChartist Report.
