Tuesday chart update

 A quick update to my previous post:
Last Tuesday, it looked very much like my benchmark chart on gold's intermediate cycles was going to undergo a three-line break reversal to bearish (see here), but with the rally on Friday, that didn't happen (see it in its present incarnation, below). The similar chart I use for detecting silver's intermediate phases, namely the GLD:GDXJ ratio (see below) is also still in its bull phase. So I'm not short presently: where we go from here is still very much up in the air:

Moreover, looking at my world famous 20-30 week moving average ribbon, we still are above it. 

Interestingly, Eric King, a closet Screwtape reader, recently posted the same chart, which I've been presenting for a year now (under the improbable pseudonym "David P. out of Europe").
Note the weekly closing price also bounced off a Fibonacci 50% line. If you're long, a line in the sand there (on a weekly closing basis) might be a good idea.

Here's a weekly silver chart, which continues to meander precariously close to an important trend line
 And here's my updated yields-in-silver chart, which still, to me anyway, looks headed for the upper bound of the dotted green wedge. (Which I'd still bet will coincide with the bottom of this long-term gold bear cycle.)

Take care,

Bonus Chart: if you can see this, it is because you have earned a free membership to GM's VAULT (for one week only).


S Roche said...

I am impressed with your $TNX:$SILVER chart. Glad you didn't quit.

costata said...

Thanks for the TA GM. I like that quote from Dan Norcini as well. He strikes me as a very grounded kind of guy.