Comments on the moves in gold, oil, and the USD
Ed Moya, Senior Market Analysts at OANDA joins me to breakdown the moves in the gold, oil, and the USD. We address the comments made by Draghi at the ECB, tensions in the Middle East, and what to watch for at the Fed statement and press conference tomorrow.
Click here to follow along with what Ed is writing over at OANDA.
It more than doubled in the 5 days since this:
On June 13, 2019 at 11:05 am,
Matthew says:
However, when gold does break out, I believe that it will triple or better before many peers double.
Guess that was an understatement.
https://stockcharts.com/h-sc/ui?s=JAG.TO&p=D&yr=1&mn=0&dy=0&id=p86461364273&a=670668234
It ran into some fork resistance today but the weekly chart shows the potential for much greater upside:
https://stockcharts.com/h-sc/ui?s=JAG.TO&p=W&yr=3&mn=7&dy=0&id=p92560341632&a=653049310
Matthew, I am intently watching Anaconda, I am waiting to catch the wave, I hope this summer surprises me like Jaguar did today.
It could happen but it looks like it has some work to do first:
https://stockcharts.com/h-sc/ui?s=ANX.TO&p=W&yr=3&mn=3&dy=22&id=p84743828522
As I said recently, no sector can repair technical damage as quickly as this one.
Also 5 days ago:
On June 13, 2019 at 5:15 pm,
Matthew says:
Whatever happens, sentiment rules so I’m betting that Jag will be flying by the time gold crosses $1,400.
I’ll hang onto a few hundred thousand shares since I believe it will be in much better shape financially in several months.
—–
Little did I know how quickly things would change.
GDM hit a new 2019 high today:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=1&dy=0&id=p88526482326&a=577249153
Silver looks like it might finally start outperforming gold:
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=6&id=p98464617018&a=659297177
And I hope the out-performance is to the upside.
Gold has been performing to the upside lately so “outperforming” in this context automatically means to the upside. The likes of AG, CDE and others appear to be anticipating this.
AG at resistance:
https://stockcharts.com/h-sc/ui?s=AG&p=D&yr=1&mn=3&dy=0&id=p7151263651c&a=578542926
Yeah. Still silver is lagging and badly I might add. Gold is up today over .5% while silver is down almost 1%.
Sure does not look like it yet.
SLV jumped above a couple of resistance levels today and did so on strong volume…
https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=2&dy=0&id=p65531195362&a=649141163
This is the best silver has looked in many months…
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=1&dy=0&id=p87788410736&a=640693408
Jaguar mining which has been a favorite for a few of the posters here has finally broken out of it’s slumber. The bottom was just too irresistible to miss, I expect we could be seeing some nice trading days ahead. It’s about time! DT