Looks like it was a powerful week for gold on the back of the Ukraine tensions that lead mainly to a short covering rally as figures in COT suggests. From 72K short positions early in this year to only 21K the past week, while longs increased by 37K in the same timeframe.
The ratio against rates show a clear break out of the multi month down trend line and has only the overhead supply zone to overcome now, while MA10>MA30.
Also the ratio against commodities - or the real price of gold, as being called - shows a clear break of the multi month triangle that was pressing down price
Only worry now it's the gold miners performance, mainly the junior ones that drove the last rally, as they didn't manage to break out, closing inside the Feb 10 mother bar. It might be a fakey, might not, while volume is suspicious. Hidden bearish momentum divergence also there to be aware of. Maybe this breakout was famous before even become one, as was discussed heavily in mainstream media during the week. Never a good thing regarding sentiment. Patience and tight stops.
Last, silver miners are lagging, influenced by copper breaking maybe, as they didn't even try to break out, staying within the range of the previous outside bearish reversal candle, that is still not confirmed.
Maybe miner stocks took cue from the general stock market anxiety due to dreadful, inhumane, power games taking place in Crimea and Ukraine. Correlation hints towards inverse phase but it is unclear at the time being.
Gas pipes and energy resources are being judged as more important than human lives once again in our history...
Wishing everyone health and prosperity guys.
Hoping for the best, staying patient
www.youtube.com/watch?v=tAo9vMyU...
The ratio against rates show a clear break out of the multi month down trend line and has only the overhead supply zone to overcome now, while MA10>MA30.
Also the ratio against commodities - or the real price of gold, as being called - shows a clear break of the multi month triangle that was pressing down price
Only worry now it's the gold miners performance, mainly the junior ones that drove the last rally, as they didn't manage to break out, closing inside the Feb 10 mother bar. It might be a fakey, might not, while volume is suspicious. Hidden bearish momentum divergence also there to be aware of. Maybe this breakout was famous before even become one, as was discussed heavily in mainstream media during the week. Never a good thing regarding sentiment. Patience and tight stops.
Last, silver miners are lagging, influenced by copper breaking maybe, as they didn't even try to break out, staying within the range of the previous outside bearish reversal candle, that is still not confirmed.
Maybe miner stocks took cue from the general stock market anxiety due to dreadful, inhumane, power games taking place in Crimea and Ukraine. Correlation hints towards inverse phase but it is unclear at the time being.
Gas pipes and energy resources are being judged as more important than human lives once again in our history...
Wishing everyone health and prosperity guys.
Hoping for the best, staying patient
www.youtube.com/watch?v=tAo9vMyU...