5 Charts – USD and Gold
Chris Kimble – Founder of Kimble Charting Solutions shares 5 charts that focus on the USD, gold, and silver. With gold breaking out and the dollar heading down this is a very good set up for PMs.
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Looks like our long wait may be over and our patience will at last pay off big.
The setup has never looked better and the miners will probably continue to rise even if gold stalls.
https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=4&mn=5&dy=0&id=p53116485838&a=670730563
We can now climb out of the dark Valley of Despair and ascend into the broad sunlit uplands. We’ll sing in the sunshine and laugh everyday as we wait for the postman to deliver huge dividend checks from our Beefstake Mines, Durban Roodeport Deep, East Driefontaine, and Hartbeestfontaine Mine shares. Life is good!
When looking at a weekly chart, the weekly closing prices matter most; forget the intraweek noise. The following chart illustrates this as the breakout, backtest and launch were based on downtrend resistance which was defined by weekly closes…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=9&mn=3&dy=6&id=p92355887804&a=541770308
Batman says gold will continue to outperform the GSCI Commodity Index:
https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24GNX&p=D&yr=5&mn=0&dy=0&id=p79884053301&a=423117194
Michael Oliver is echoing what I’ve been saying about relying on short term overbought readings…
https://kingworldnews.com/michael-oliver-6-22-2019/
Great comments on the “over bought”…….not…….people need to get in step….the signals are different….
I guess, …I will need to start liking silver again…….Sling Shot…. 🙂
Good point on the dollar at 97 and breaking down
Silver just had its highest weekly volume in 8 years:
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=3&mn=11&dy=0&id=p39494397657&a=501194637
Interesting close today for the SLV-GLD ratio. Next week is likely to be a big one for silver:
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=6&id=p02255177675&a=659297177
The USD is heading for 91 (on its way to 78):
https://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=3&mn=3&dy=0&id=p51557330400&a=672280269
Gold achieved its highest weekly close in 6 years @ 1400.10…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=5&dy=0&id=p90973329826&a=543567821