As many of you know, the precious metals complex just finished up a poor week of trading as all of the precious metals advance/decline lines that we follow here at Technical Watch moved to multi month lows. Although we have been looking for a tradable bottom in this asset class for several months now toward the end of December, last week's weakness broke an important longer term support line on the Precious Metals breadth McClellan Summation Index, and we're now at levels not seen since October of 2016. More importantly, unlike the last two years, this break of trendline support also destroyed any chance of having intermediate term bullish divergences as we move into this preferred end of year time window.
Because of this then, along with too many technicians now looking for this same end December bottom in the metals, it might be time to take a more defensive approach toward this investment class until better structural support develops to where an actual price low can be created.
Fib
Attention: Gold Bugs
#1
Posted 10 December 2017 - 02:57 PM
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
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#2
Posted 10 December 2017 - 07:14 PM
surely not the news most of us were looking for around these parts Russ but it is what it is. Perhaps the real surpise would be a huge last smackdown to new lows
#3
Posted 11 December 2017 - 02:58 PM
surely not the news most of us were looking for around these parts Russ but it is what it is. Perhaps the real surpise would be a huge last smackdown to new lows
You mean taking out the lows of late 2015 - Gold $1046.20?
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#4
Posted 11 December 2017 - 10:50 PM
i wont rule it out
Also tagged with one or more of these keywords: precious metals a/d line, xau/yahoo ad line, breadth, gold, silver
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