Updates on PMs and The USD
Doc is back from a recent fishing trip to provide his thoughts on the metals. Having a rough day today and the recent bounce short lived how likely is a new bounce?
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long OMER
Just as I predicted, EXK and AG are failing hard at their now declining 100 WMAs.
For all of the mining indexes and most indivisdual miners, the 50 and 100 WMAs are going to both negatively cross below the 200 WMA on this “correction”. I think most silver miners will make marginal new lows below their 2016 lows in time.
yen is down 1% today. It’s just the beginning.
Wheres that technician who was saying silver would break out to the upside of its triangle?
Now that silver has broken down, there is absolutely ZERO reason to go long until it breaks above the apex of the triangle. Right now, silver is a short on any strength whatsoever.
BUT, you’re not gonna short it yourself, are you?
I’m a fool for staying long. I have called this price action in the miners and metals better than anyone here. I know what’s coming next.
The $XJY chart has a HUGE h&S pattern that has triggered on the weekly chart. I believe I pointed this one out over a year ago, ut it has taken its sweet time to break the neckline after many many tests. Well, it’s finally broken down and is an absolute short on any strength whatsoever. If I am wrong, your stop (the neckline) is very very close by. I would love to hear your spin on that disaster. And there is no way the miners rally with yen in freefall. They will be matching the decline tick for tick.
Last year in June, I said the low in GCC would not hold based on the ugly black candles and huge gap made on the daily chart on June 26th and 27th. Well, we are literally a few ticks away from now finally, finally filling that hideous gap.
GR8 comments, Doc!
I think copper hit the bottom right here at the 100 WMA. Let’s hope gold dosent break the 1222 level. Right now $XAU and $XJY should get clobbered to about 70 this week.
Hope you caught a bunch🎣
$XJY @ 83 target (not 70)
$XAU near 70 me thinks.
Hi Doc. Long time. I want to know if you are anticipating a general stock market crash between now and year end, and what, if anything, you are doing to hedge that possibility re gold mining holdings. Thanks.
long XNCR