Gold and Silver gave you another chance, you missed it again?
At the moment of writing this alert our full 200% net short position in gold, silver and mining stocks is well justified from the risk and reward perspective.
The HUI Index Special Breakdown
.The HUI Index broke it's previous 2018 low and moved below the 61.8% fib retracement
.There had been almost 5 attempts to break below this specific level but all times they failed and were followed by significant rallies
.As history tends to repeat itself will HUI index once again about to rally just like it did in previous 5 attempts and if it did happen gold and silver will surge profoundly right?-our answer is no
.The HUI Index broke below its 2018 low in both intraday and closing price terms, We are witnessing profound weakness in gold miners and that's convinced us that the breakdown will be successful this time
.The thing that makes the HUI breakdowns really special is the yesterday's volume we saw which was the second highest in this months and confirming the bearish case even more
.Gold miners declined once again after the breakdown whereas before in all of the 5 attempts we saw a significant rally after reaching the same level and it already shows that this time is different-
Gold and Silver gave you another chance, you missed it again?
.Based on the currency Japanese yen we saw a very small upswing in gold and silver and that rally seems to be already over
.The correction was so small that no one even noticed it, Gold moved to about $1228-29 and gave you another chance to enter short
.Situation in silver is more bearish right now as the breakdown is highly confirmed
.Gold and Silver didn't close below the Friday's closing prices and it was obvious that mining stocks will not either further but the opposite happened and that's making our bearish view even stronger
The conclusion-our outlook for precious metals are very bearish for the medium and long term, In this short update we discussed the special breakdown of HUI Index, the second is the relative weakness in them and the third we talked about the weakness of the entire PM sector relative to the currency sector. This combination is very bearish and we think our short signals in gold, silver and mining stocks will give us significant profit before we exit this trade
we will keep you informed anyway,
many regards-Neeraj Pandey
Our existing positions
ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 14.42
Stop Loss: 15.700
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1142
Stop Loss: 1275
( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
The HUI Index Special Breakdown
.The HUI Index broke it's previous 2018 low and moved below the 61.8% fib retracement
.There had been almost 5 attempts to break below this specific level but all times they failed and were followed by significant rallies
.As history tends to repeat itself will HUI index once again about to rally just like it did in previous 5 attempts and if it did happen gold and silver will surge profoundly right?-our answer is no
.The HUI Index broke below its 2018 low in both intraday and closing price terms, We are witnessing profound weakness in gold miners and that's convinced us that the breakdown will be successful this time
.The thing that makes the HUI breakdowns really special is the yesterday's volume we saw which was the second highest in this months and confirming the bearish case even more
.Gold miners declined once again after the breakdown whereas before in all of the 5 attempts we saw a significant rally after reaching the same level and it already shows that this time is different-
Gold and Silver gave you another chance, you missed it again?
.Based on the currency Japanese yen we saw a very small upswing in gold and silver and that rally seems to be already over
.The correction was so small that no one even noticed it, Gold moved to about $1228-29 and gave you another chance to enter short
.Situation in silver is more bearish right now as the breakdown is highly confirmed
.Gold and Silver didn't close below the Friday's closing prices and it was obvious that mining stocks will not either further but the opposite happened and that's making our bearish view even stronger
The conclusion-our outlook for precious metals are very bearish for the medium and long term, In this short update we discussed the special breakdown of HUI Index, the second is the relative weakness in them and the third we talked about the weakness of the entire PM sector relative to the currency sector. This combination is very bearish and we think our short signals in gold, silver and mining stocks will give us significant profit before we exit this trade
we will keep you informed anyway,
many regards-Neeraj Pandey
Our existing positions
ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 14.42
Stop Loss: 15.700
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1142
Stop Loss: 1275
( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
