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Here are some links which I think you will find actionable...
Where is Support for Precious Metals Markets?
We look at where strong support could be for Gold, Silver & the miners.
Podcast: Dan Norcini analyzes Gold, Silver & gold miners.
Dan Norcini has been a professional trader for over 20 years. He has real experience in futures markets. We cover quite a bit in this interview from the technical outlook to other markets and the forces driving current trends.
Video: Precious Metals Near-Term Outlook
This video is a few days old but remains relevant.
July Fund Manager Asset Allocation
Great sentiment charts and data in this post.
Peak Run to High Yield?
Great chart.
Premium Snippets
The first chart is an updated version of the one we sent last week and the one in our editorial.
GDM (which is the index tracked by GDX) closed at 428. It has less than 7% downside to support at 400. In looking at the two oscillators at the bottom (distance from 20-week ema and 20-week rate of change) we see that the market is very close to reaching what would be its 6th most oversold point in the past 19 years.
Here is the updated bear analog chart.
GDM and the BGMI (analog below) are about 3% away from equaling their 1996-2000 bears. The HUI has 20% downside to reach that mark.
With each premium update we include conclusions on the front page. That way subscribers can get a quick synopsis of the update. Here is part of the conclusion from yesterday's 30-page update, TDG #422:
Turning to the miners, both BGMI and GDM are about 3% away from equaling their 1996-2000 declines. GDM closed at 428 and has 7% downside to its strong support. The HUI closed at 128 and has about 20% down to its strong support. Here are a few notes regarding the oversold condition. Right now none of the stocks in the HUI are trading above their 50-dma and 200-dma (p16). That has happened only 7 other times in the past three years. Considering the oscillators on (p14-15), if miners decline a bit more then they will likely reach an oversold level that has been touched 5 other times in the past 19 years. GDXJ is not close to as oversold as GDM & HUI.
It is only a guess but perhaps Gold reaches ------ early next week from where it would bounce. Miners are more oversold than metals so miners could start a bounce a day before Gold. There is a very good chance we will.....
Sorry to leave you hanging. That's why its called a snippet!
To answer the question in the subject, I think it's more likely than not that the sector begins a bounce sometime this week. Key word is bounce.
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This is an important point as it appears that the bear market could end with a really loud bang in the months ahead. We will be using various technical indicators and sentiment indicators to assess developments and position our portfolio appropriately. Find out the stocks we are watching and planning to buy in the months ahead.
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Thanks for reading. I wish you all great health and prosperity.
-Jordan
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