The precious metals correction that has given up $130 in gold in 4 days
Jesse Felder, Founder of the Felder Report joins us for a special Editorial focused on the pullback in commodities, especially the precious metals. We discuss the comments by the Fed and how the US markets have been able to hold up better than the commodity complex.
Agreed. Coordinated narrative control intervention. Won’t work for long.
This shows the significance of today’s low for gold and why we should want it to hold on a weekly closing basis for immediate upside/bullishness:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=0&dy=0&id=p77594429059&a=974275774
If gold must go lower tomorrow, watch the 1733 to 1723 area (and hope for a strong reversal there!)…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=3&dy=0&id=p64185198147&a=962059208
GDX could drop to that support line around $34.2 or maybe an undercut that. It left way too many gaps to fill when it finally starts climbing up.
How much is to much ?
If it does, it would be nice if it immediately and powerfully reverses afterward. Today’s close was interesting x 2…
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=11&dy=0&id=p73041598796&a=938889965
Matthew-
RSI reading on 4Hr chart for GDX is comparable to Covid crash of March 2020. That tells you how oversold it is right now.
Yes, and we haven’t had daily volume like this since early August when it topped. Money that sold into peak optimism is now buying into peak pessimism.
https://stockcharts.com/h-sc/ui?s=GDX&p=240&yr=0&mn=4&dy=0&id=p14283134926&a=974209713
SILJ closed at Schiff fork support in the middle of the highest volume price zone since at least August. Volume-based support is also very good from the 15.40s to about 14.90. Today’s low happened precisely at the 144 day MA.
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=11&dy=0&id=p81231907058&a=960886383
Interest Rate Pong : https://postimg.cc/HrCpGt37
Why? ….
To close the big gap : https://postimg.cc/k6gsYMsG
PM Price Quality : https://tinyurl.com/4nnha2vd
Many producers are now within 10% of their 52 week lows, buy and hold investors not being very happy with that. I’m now wishing I’d sold the whole shitaree about a month ago when gold hit $1900.
However I’ve been more active, easing into the miners by selling puts, then selling calls, back and forth, making a comfortable retirement life with this option income. Buy and hold seems boring and poring over pages of numbers and drill results would drive me crazy. But I understand some people like doing that.
How about “be right and sit tight”?
There’s a lot that goes into ‘be right’, some of it beyond your control. ‘Sit tight’ can often be years so you need a certain temperament to do that.
There’s no doubt EXCHANGE STABILIZATION FUND – ESF FULLY INTERVENING AGAINST Ag – Au the last 2 days