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Posted 06/12/2016 7:30 pm
A few notes for the coming week
Gold- still remains range bound. It is however, in a new range. Look at the previous post for the ranges gold has just come from. Until gold makes that yearly high, gold remains range bound. The current yearly high is 1306. IF that is broken, then we get new fresh yearly highs which will push gold higher.
Silver- same picture here. Silver is settling into a new range. Remains range bound. When 18.06 is broken, the range will be broken and a new fresh 52 week high will be set, sending prices higher.
Both metals are in uptrends, in case there is any doubts.
Miners dominate the week 52 high lists, for both silver and gold. Some did put in some late day reversals. Look at SIL, GLDX, all made fresh 52 highs but then reversed. Typically, this signals, in the short term, an increased chance of reversal. Nevertheless, they are all in uptrends.
If you notice the pattern of late and really since this uptrend started, we make yearly highs and then pull back, rinse and repeat.
IF you want to buy the dip in this uptrend, it does work and has been very forgiving,,, as it always is in an uptrend. If you were buying dips in a down trend, you would be deep underwater and frustrated. The only caution on dip buying in an uptrend is that one day... the pull back will be deeper than you expected, so be mindful of that.
In any case, gold and silver and miners are in uptrends and the main job of anyone holding money in these areas is to sit tight, do nothing and hold.
Gold- still remains range bound. It is however, in a new range. Look at the previous post for the ranges gold has just come from. Until gold makes that yearly high, gold remains range bound. The current yearly high is 1306. IF that is broken, then we get new fresh yearly highs which will push gold higher.
Silver- same picture here. Silver is settling into a new range. Remains range bound. When 18.06 is broken, the range will be broken and a new fresh 52 week high will be set, sending prices higher.
Both metals are in uptrends, in case there is any doubts.
Miners dominate the week 52 high lists, for both silver and gold. Some did put in some late day reversals. Look at SIL, GLDX, all made fresh 52 highs but then reversed. Typically, this signals, in the short term, an increased chance of reversal. Nevertheless, they are all in uptrends.
If you notice the pattern of late and really since this uptrend started, we make yearly highs and then pull back, rinse and repeat.
IF you want to buy the dip in this uptrend, it does work and has been very forgiving,,, as it always is in an uptrend. If you were buying dips in a down trend, you would be deep underwater and frustrated. The only caution on dip buying in an uptrend is that one day... the pull back will be deeper than you expected, so be mindful of that.
In any case, gold and silver and miners are in uptrends and the main job of anyone holding money in these areas is to sit tight, do nothing and hold.
