Post stimulus bill we discuss the market reaction for US Markets, Gold, Bitcoin, and Silver
Ed Moya joins me today to share his insights on a few key markets reaction after Trump signed the stimulus bill into law over the weekend. We focus on the broad averages (higher), gold (volatile and mostly flat), Bitcoin (screaming higher), and silver (also higher).
I hope you all had a very Merry Christmas. While I’m sure it was a bit quieter than usual hopefully you all managed to take some time for yourself and loved ones.
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Agreed Matthew, I would be surprised to see silver move down to $22 or below in the near term.
Gold update!
I’ve been lurking in and out from the background and listening to everyone. Once again thank you all for the contributions each and everyone of you make. Consensus of late is one of skeptical, worries, scared, Rambus with his charts again scaring everyone lol, and more food for thought. Glad my good pals in here Matt, Jerry, dt, ex, wolf and many others Canuck etc really understand it. What Matt said the other day regarding we would need a complete break down here with markets to hurt technical of gold and highly unlikely. He is bang on!
Here goes
The current setup from what I’m seeing with the charts and technical/pattern I’ve been following is telling me/my own lenses that we should break higher this week in green and test possibly $1950$1960..completing the head of an inverse head and shoulders I’ve been telling everyone in hear for Over a month. Patience my good friends patience. We would then head down to retest this breakout from here $1880-$1890 for 2-3 weeks. Which means nothing more then back filing, more of the same back and fourth for first 2-3 weeks of January completing the right shoulder. End of January explode out of that channel and attack all time highs and eventually break through. It will give us roughly 5-6 months of upswing before hitting the Intermediate top.. “Sell in May and go away” looking for possible top in May/June..let’s not get to far ahead, for now breakout will come just be patient. 2.2 trillion in March plus 2.3 trillion approved by trump on Sunday= $5000 will be a guarantee when all is said and done. For now let’s attack $2400-$2600 and so forth and so on..
As always and my pleasure
Glen! Wishing you all a happy new year and health, wealth and prosperity in 2021..
Some are probably worried about silver based on Hoye’s recent piece posted at 321gold but the current technical picture seems sufficiently unlike his historical comparisons to warrant much concern. Specifically, it’s the big-picture (quarterly chart, etc) and cyclical backdrop that’s different.
Of course, caution is almost always prudent when dealing with silver, especially in thin holiday trading, but another move down to the lower Keltner Channel support seems unlikely to me.
http://www.321gold.com/editorials/hoye/hoye122820.pdf