Loading ...- NOV. 7th–2019—Gold and Silver action: I elected to use the chart from investing.com because it gives a better “effect” to the lockdown that is occurring in gold since Stevie Mnuchin decided to mobilize the Working Group on Capital Markets just before Christmas. We have watched the USD trade inverse to gold since September when the index moved up along with gold until mid-December. It then decoupled and gold continued to rally as the USD sank. Here in 2019 for some “ungodly” reason, the USD craters for four consecutive sessions, the last two of which includes two gold sell-offs. This is why one can NEVER assume that there has occurred any semblance of regime change in the metals. Friday and today involved the bullion bank behemoths rejecting $1,300 gold and $16.00 silver in order to cast an unflattering aura of technical resistance in favour of stocks and the “risk-on” trade. I need a big turnaround fast to keep me from dumping the remaining GLD calls and selected profit-bearing miners.
In the Globex market, silver is down another $.13 so I may be looking at buying back the silver calls which I sold on Thursday Jan 4th with RSI above 75 once again confirming that while not exactly perfect, the RSI above 75 is virtually unstoppable as a sell signal, at least in the very short term.
January 3rd Tweet:
Michael Ballanger? @MiningJunkie Jan 3
More
The RSI for the SLV just tapped in at 76.42 so with the market charging, I shall take profits on the April $13 calls @ $1.93 and look to re-enter on a pullback next week…90% return since November and up 11.56% since yesterday…