Chart 1: Daily Silver
Here we plot Silver along with its net spec position at the bottom.
The big resistance in Silver is the trendline from the 2014, 2016 and 2019 peaks. We want to see Silver establish a new base with $16 becoming a new floor in 2020. Then it could consolidate before a launch attempt above $19.
The net spec position is not stretched as it is in Gold. Note the 40-week MA of the net spec position is at 21%. Back in 2016-2017 it spent quite a bit of time at 30% and as high as 45%.
TheDailyGold Premium #641
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We published TDG #641, a 22-page update Sunday.
Here our some of our conclusions...
Corrections typically have three legs: A (down), B (up), C(down). The hard reversal mid week likely marked the start of the C wave which could take GDX down to $24-$25 and GDXJ to $33-$34. Gold has held up well thus far but given the weakness in gold stocks and Silver, we shouldn’t be surprised if Gold tumbles below $1500 and tests $1400 this fall. There’s a confluence of strong support at our downside targets.
Retesting previous resistance after a breakout is very common and that
will mark a buying opportunity when it happens....
....Last I saw the market showed a 64% chance of a rate cut in October and was pricing in only two cuts over the next 12 months. An October cut would give the sector a bump but I don’t expect that big breakout in GDX & GDXJ to occur until...
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain
certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that can cause results and outcomes to differ materially from those discussed herein.
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