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As I’m typing this, Sunday evening trading has been open just a few hours, and just about the only red on the screen is gold, which is getting its shiny little butt kicked again. If it crosses beneath the area I’ve tinted, I think you’re going to see weakness accelerate, as people just pile into equities all the more.
Those of you who watch my little Tastytrade show might remember that yesterday I turned sour on precious metals miners. I bought a position in DUST and also shorted a couple of specific miners (AG, NEM)
Philosophically, I’m a big fan of precious metals thriving in the years ahead as a declaration of the ultimate failure of central bankers. From a charting perspective, though, miners have been oh-my-Lord-overbought for weeks now, and it seemed it was time for a breather. (What really sold me was the collapsing volume in DUST, suggesting people had just stopped bothering anymore). In any event, it looks like this sector is in for some backing-and-filling. Gold’s first important test of support is coming up, tinted in green:
Just a quick comment cleaner to note that silver, while having had a terrific 30% rise in just over a month’s time, is due for a breather. I think precious metals have a terrific future ahead, but I certainly wouldn’t be buying any at these levels. A selloff down to about $18 seems completely plausible and would do a nice job filling that gap.
It’s an odd feeling for me to be bullish on something and to keep reading about how The Top Is In, but the “thing” just keeps going up. I’m referring, of course, to precious metals, about which I’ve been blatantly bullish (particularly on my Tastytrade segment).
The shoe is truly on the other foot for someone like me to own a bunch of stuff at a low price, believe in its long-term uptrend, and respond to all the cries of a “top!!” with “OK, whatever.” It must be what it’s felt like to be a stock bull since 2009.
Gold zipped higher on an otherwise quiet holiday weekend…..
Hear that? It’s the sound of gold. And it’s trying to tell you something that the ES refuses to acknowledge. Pay attention.
