It is hard to technically analyze a market as manipulated as precious metals are. Every day they are bought up in the Asian/Euro markets and slammed (8:30am EST) almost without fail. Ive been watching the metals markets every day for the past decade and I have not seen manipulation this blatant since 2011 (silver take down from $49). The difference today is that the shorts (despite their government backed fiat war chests) have not been able to hold metals down. If you think I am a heretic please educate yourself on governments "rights" as well as ability to "control" every financial asset known to man (expect for Bitcoin) in the interest of preserving the "economy' and the USD. As frustrating as the past decade and this past week has been I relish in the futile attempts central banks and the federal reserves attempts to distort reality and play god with the worlds financial monetary system.
Hocus Pocus aside, from a technical perspective.... Gold and Silver's RSI have turned up on a weekly basis. They have formed a nice inverted head and shoulder pattern, and have finally started to print higher lows and higher highs on a daily basis. It is foolish to underestimate the power and control nice government men have over this market but I am compelled to stick my hands in the fire and buy metals again for a long term hold. The Feds "transitory" rhetoric has fully devolved into a pipe dream even the most foolish of believers have started to awaken from. With the commodities index up hundreds of percentage points it is hard to believe metals can realistic be lower than they were this time last year. In addition, the euphoria of Bitcoin (a clear competitor to Gold) seems to be peaking as it always does with "bullish" news of a ETF just as it did the last time it reached this resistance zone with the public offering of Coinbase.
Hocus Pocus aside, from a technical perspective.... Gold and Silver's RSI have turned up on a weekly basis. They have formed a nice inverted head and shoulder pattern, and have finally started to print higher lows and higher highs on a daily basis. It is foolish to underestimate the power and control nice government men have over this market but I am compelled to stick my hands in the fire and buy metals again for a long term hold. The Feds "transitory" rhetoric has fully devolved into a pipe dream even the most foolish of believers have started to awaken from. With the commodities index up hundreds of percentage points it is hard to believe metals can realistic be lower than they were this time last year. In addition, the euphoria of Bitcoin (a clear competitor to Gold) seems to be peaking as it always does with "bullish" news of a ETF just as it did the last time it reached this resistance zone with the public offering of Coinbase.