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Steve Penny Provides Technical Analysis And Charts On Gold, Silver, And The US Dollar

Shad Marquitz
November 19, 2021

Steve Penny, Publisher of the SilverChartist Report, joins us to share a handful of charts (all posted below so you can follow along) starting off with a longer-term monthly chart of gold highlighting the large cup & handle pattern, then a daily gold chart highlighting the recent breakout above resistance, then a US dollar chart breakout, and finally both a monthly and weekly chart of silver. We review the key support and resistance levels to watch in each sector, and what signals to look for as confirmations of trends.  We wrap up with getting Steve’s perspectives on which kind of mining stocks he sees good value in at present, and his shorter and longer-term outlook in the precious metals miners.

Click here to learn more about the SilverChartist Report.

Discussion
9 Comments
    Nov 19, 2021 19:11 PM

    Junior Gold Stock Trains are Leaving the Station
    .
    David Erfle – Friday November 19th, 2021
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    “Last week was pivotal for the precious metal’s complex, with the gold price breaking through key resistance at $1840. Inside of a run that saw the safe-haven metal move higher on seven consecutive trading sessions, it was last Wednesday’s price action that finally broke this level, closing the session on a strong move higher with excellent volume.”

    “After passing the $1,840, which was also downtrend line resistance from its $2089 all-time high reached in August of 2020, bullion has gained upward momentum. Gold futures continued to escalate due to hotter-than-predicted U.S. inflation data and despite the U.S dollar surging, which typically moves inversely to the safe-haven metal.”

    “More importantly, with Gold Futures closing sharply above the critical resistance level of $1,840 per ounce on a weekly basis, this price now becomes a solid platform of support in the move higher. With the metal entering a seasonally strong period, which runs from November through February, more upside is expected with sharply rising inflation continuing to focus the minds of global central banks….”
    .

    https://mailchi.mp/0131097b4d40/david-erfle-weekly-gold-miner-sector-op-ed-1600302

    Nov 19, 2021 19:48 PM

    Gold Price Futures (GC) Technical Analysis – Main Trend Up, but Momentum Shifts to Down Under $1851.00
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    By: James Hyerczyk – FX Empire – Nov 19, 2021
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    “Gold futures are edging higher on Friday after rebounding from earlier weakness. The two-sided price action suggests bullish traders are banking on broadening inflationary risks and a slow-moving Federal Reserve. While bearish traders are betting on a faster tapering by the Fed and a sooner-than-expected interest rate hike.”
    .
    “Elevated inflation may be providing support, but expectations of policy normalization by the Fed and other major central banks amid a sharp recovery in economic growth are likely to continue to create headwinds. Additionally, gold is expected to remain especially sensitive to U.S. economic data.”
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    “The main trend is up according to the daily swing chart. However, momentum may be getting ready to shift to the downside, following the formation of the potentially bearish closing price reversal top on Tuesday.”
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    A trade through $1879.50 will negate the closing price reversal top and signal a resumption of the uptrend. A move through $1851.00 will confirm the chart pattern. This could trigger the start of a minimum 2 to 3 day correction.”

    “The minor range is $1879.50 – $1851.00. The market is currently testing its 50% level or pivot at $1865.30. On the upside, potential resistance is a pair of main tops at $1919.00 – $1922.00. On the downside, potential support levels are lined up at $1839.00, $1828.80 and $1819.00.”
    .

    https://www.fxempire.com/forecasts/article/gold-price-futures-gc-technical-analysis-main-trend-up-but-momentum-shifts-to-down-under-1851-00-814435

    Nov 19, 2021 19:51 PM

    If History Is Any Guide, Gold Is Just Getting Started
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    by @Goldfinger on 18 Nov 2021
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    “Despite widespread skepticism among the investment community, and even among gold bug newsletter writers, gold has steadily moved higher since the August 9th Sunday night futures capitulation. ”

    “In the chart above it is notable that this is the first time that gold in EUR terms has reached a weekly-RSI(14) above 70 since early 2020. Historically, gold experiences at least 3 waves higher during a new uptrend with each leg higher climaxing with Weekly-RSI(14) somewhere between 75 and 85. If history is any guide, gold is just getting started.”
    .

    https://ceo.ca/@goldfinger/if-history-is-any-guide-gold-is-just-getting-started

    Nov 19, 2021 19:56 PM

    I hope some of my miners are on the train but they are still alternating days of up and down. Got to be intervention or Jamie Dimon hates me for outing him.

      Nov 19, 2021 19:09 PM

      Lakedweller, Jamie Dimon has a GPS bug planted on the underside of your car. LOL! DT

        Nov 19, 2021 19:12 PM

        That explains my ear damage and sunburn marks. Thought it was a backfire.

          Nov 19, 2021 19:24 PM

          Lakedweller, Big gangsters are running wild but going to court and getting off scot free. Dick Tracy

            Nov 19, 2021 19:30 PM

            My tommy gun is in a barking mood. LOL!

    Nov 19, 2021 19:53 PM

    The law stifles a lot of criminals. If you interject law, it forces fair play which disrupts personal gain by force or unfair advantage. What kind of world would that be if ethics, morality and fair play were the rule. Just sickening…