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").
http://kingworldnews.com/kingworldnews/King_World_News.html |
Here's a weekly silver chart, which continues to meander precariously close to an important trend line
Take care,
GM
Bonus Chart: if you can see this, it is because you have earned a free membership to GM's VAULT (for one week only).
Bonus Chart: if you can see this, it is because you have earned a free membership to GM's VAULT (for one week only).
2 comments:
I am impressed with your $TNX:$SILVER chart. Glad you didn't quit.
Thanks for the TA GM. I like that quote from Dan Norcini as well. He strikes me as a very grounded kind of guy.
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