3 replies to this topic

[thoughtpwr]

This AM we had SLV go to new rally high and sell off, but it appears to have steadied in the middle of the small range above last weeks OOPS Buy and the AM high. This is action likely to bring a very fast move higher to the range of 18-18.44 (P&F Tgt) over the next several days while SPY consolidates in a range above 231.5. A SLV selloff back to this level is likely to follow as SPY moves higher and the VIX begins to rise. My guess is we get the filling of that SPY gap at 231.5, before moving higher.

 

Another interesting development in this period of transition of markets is the fact that URA, which has been red hot, just made a new high at 19.26 this AM, however the pattern is one of likely a local top for the next month while it consolidates. I look for it to go back just below 16 over the next 1-1.5 months in this consolidation in a major bull move likely to go 4-5 times higher over the coming years.

Edited by thoughtpwr, 14 February 2017 - 12:13 PM.

[thoughtpwr]

This morning URA broke down and should be headed for 16 from 19 and should take about a month or more to bottom.

[thoughtpwr]

SLV keeps getting hit on the open, but keeps coming back and has been able to hold the trendline after the initial opening gap throughout the last week. The silver stocks have taken some hits and not reacted as well as the metal. The stocks got another OOPS signal on AG this morning after the gap down. GLD looks like it can move out from under the down trendline of the last week by tomorrow. I was thinking about using a put spread to play the next two weeks in GDX, but the metals look like they are a better play.

[AChartist]

1300+ is simple for $GoLD, price by volume

 

and 19 sivr.

 

I would like $gold to cross 1243 lowpoint to open up 1300 area,

 

maybe through next week.