Comments On The Moves In Precious Metals and US Markets
Dana Lyons joins me on this Boxing Day to share his thoughts on the big moves over the last couple trading days in gold and silver. We discuss the timing of the moves and the overall trading strategy that Dana continues to employ for the metals. We also touch on the US markets which just continue to push higher.
Dana is also running a special for paid clients. Click here to take advantage of this Holiday special. For active investors Dana is a great source of information.
Gold makes headway above $1,500 on path to best year since 2010
Bloomberg News | December 26, 2019
“The break-through $1,500 in the face of new highs in US stocks, a rebound in U.S. #Treasury yields and a strong #dollar “leads to an assumption that bulls will buy in the New Year, so the market is trying to position ahead of time,” said Tai Wong, the head of metals derivatives trading at BMO Capital Markets. “It has momentum that is a little mysterious and no one wants to stand in the way.”
“Without a dovish Fed pivot, it’s unlikely gold will make explosive gains, but it does appear the market is trying to carve out a new higher trading range,” Stephen Innes, chief Asia market strategist at AxiTrader, said in a note. That current trend “is a very favorable sign for gold bulls,” he said.
“Gold is up about 18% this year as investors weigh the benefit of havens amid the to-and-fro of the U.S.-China trade war and a run of central-bank easing. The latest tick higher came even as President Donald Trump said Tuesday a deal with Beijing is “done.”
https://www.mining.com/web/gold-makes-headway-above-1500-on-path-to-best-year-since-2010/
Prince Harry meets w
@FLOTUS
– DELIBERATELY sets luciferian hand symbolism for photo opp.
https://mobile.twitter.com/Jali_Cat/status/1202876212277907457
The old hidden hand is everywhere…
https://pbs.twimg.com/media/ByjkJ14IUAAg-6B.jpg:large
More like the Overt Demons of the Cabal
Big Fibonacci fan breakout for GDXJ:
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=7&mn=11&dy=0&id=p98978465725&a=385422417
The 30 week MA is above the 233 week EMA for the first time ever…
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=9&mn=6&dy=0&id=p60299725761&a=510628527
We’ll call it a “Golden Weinstein-Fibonacci Cross”
Currently at important resistance:
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=4&mn=3&dy=0&id=p72008886607&a=696258078
A “somewhat significant top.” That was an understatement…
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=4&mn=5&dy=0&id=p38814545042&a=633278857
matthew, long time follower, first time poster.
thanks for all your posts and charts.
i’m happy to have gotten in NUGT last week. and JNUG has had an incredible week so far. Q1 looks good once miners get thru the Sep highs.
You’re welcome. Good job picking up NUGT last week. It is just getting started…
https://stockcharts.com/h-sc/ui?s=NUGT&p=W&yr=3&mn=11&dy=0&id=p43737683007&a=549352214
It will probably hit its $40 P&F price objective next week.
Yesterday’s high happened at the 50% retracement of the move down since September and that $40 P&F PO happens to be at the 75% retracement…
https://stockcharts.com/h-sc/ui?s=NUGT&p=D&yr=1&mn=1&dy=0&id=p12876321879&a=709525527
Today is the last day for tax loss selling. DT
Most of the tax loss selling wrapped up in November and early December this year, but we may see a few more sell downs in some of the dogs today, so I’ll be on the hunt for year-end clearance sales.
Edward Gofsky @EdwardGofsky
“Silver {Ultra Long Term} chart. Silver was in a bear market from the {Wave 5} parabolic top in 2011 at $50 to the lows in 2016 at $13.62. Since then we have embarked on a new bullish {Wave Count}”
From Extreme Pessimism To Extreme Optimism In One Year
by @Goldfinger on 27 Dec 2019
“From “the sky is falling and the long awaited bear market is here!!” TO “everything is wonderful and the S&P will never drop more than 1% again” in exactly one year. As a student of market history I have followed the recent relentless climb higher in equities with a bemused expression. On the one hand I know very well that trends tend to trend, and as a human being who is concerned with his well being I also know that walking in front of trains is bad for ones health.”
“However, I also know that things are rarely as good as they seem to be at bull market highs, just as they are rarely as hopeless as they feel at bear market lows. As we enter 2020 I couldn’t think of a year in my lifetime in which more things could go horribly wrong than this one we are about to set foot in. Yet, if we pulled up any number of stock charts you would have to come away with the exact opposite assessment.”
https://ceo.ca/@goldfinger/from-extreme-pessimism-to-extreme-optimism-in-one-year
There’s a confluence of important resistance near $20 for SLV, 20% above. Notice the volume in 2019 versus 2016. Considering gold’s “writing on the wall” position above its own 2016 high, I don’t think it will take long for SLV to take on that $20 level (roughly $21 silver).
https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=8&mn=0&dy=0&id=p67313951934&a=532172659
I will be surprised if GDXJ doesn’t see $70 in 2020.
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=9&mn=11&dy=0&id=p99609309069&a=573032536
+70
The GDM Gold Miners Index is breaking out from an important Fibonacci fan resistance:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=5&dy=0&id=p83650093312&a=577064562
Gold definitely looks like it’s broken the downtrend from September, I’m not totally convinced it couldn’t turn down again one more time but it is looking good