Silver looking vulnerable here. Broke rising channel support, retesting falling wedge resistance. Lot of work to do to get above horiz. resistance @ 26. Looking like another leg down through yr end if it can't break out here soon. aVWAP from March low is 22.42. $SLV
S&P held support last week, and despite the 200 pt drop, RSI never hit oversold conditions. A break of this horizontal support would favor the bears, but until then this still seems like a consolidation within an uptrend. $SPY $ES1!
Gold broke down from its pennant yesterday and hit first support at $1880. Price remains in a bull flag, but a break below $1875 should see a quick drop to $1800, which would be a backtest of the entire breakout.
Since mid-August, sales in the physical precious metals market – red hot at the peak of the COVID outbreak – have begun to taper off slightly. This slowing of demand is directly correlated to price action. I will focus on gold specifically.
A closeup of the gold chart shows a narrowing and tightly wound price coil of lower highs and higher lows. This narrowing...
This is the August (front month) contract in #Gold Futures. A big move is coming as gold is testing the top end of this rising channel for 4th time since July 27th. Technicals favor consolidation in short term down to rising support, setting up new highs after $GLD $GDX $GDXJ
In July, the US Dollar slightly broke down from its 12-year rising channel (diamond top pattern?) and all technical indications look bearish. Still a little early to be certain, but no doubt a major price resolution is coming very soon. $DXY $DX_F $UUP
Hard to be bearish the S&P500. After a false breakout in Feb above the 261.8 Fib ext from the 07-08 high/low, price just reclaimed the breakout level with a big green monthly candle, closing w/ the highest monthly close ever. The trend remains up and to the right. $SPY $ES_F $SPX
The break of the 1800 shelf in #gold set up a quick run to the 127.2 fib ext just shy of 2000. This is a psychologically important level & the first key resistance level. A clean break & hold sets up 2260. $GLD $GDX $GDXJ
The level to watch in #silver is 26 (July high was 26.27). This level was triple tested support in 2011/12 & is now resistance (38.2 fib retracement). R/R favors longs above 26 & caution below. Better to buy the breakout at 26 or retest of support & not in between $SLV $SIL $SILJ
I have always viewed this $1800 price level in #gold as more significant than the $1910 blowoff top 2011. $1800 was the multi-month, triple tested resistance level that precipitated the 6-yr base. If it holds, the breakout above this level is secular and very bullish imo. $GLD
$GDX with the breakout and successful retest of the $32 level, broke out of bull flag and is now taking out the May peak. My target is $42, which is the 161.8 extension from the Feb/March peak/trough #gold $GDXJ
$GDXJ finally retesting the 2016 peak. Price has some room to run here and a bullish breakout/retest would be a great setup to add to longs. RSI hasn't been overbought on the daily since July 2019. Now would be a good time to show some strength.
$19 has been a key level for #silver for 4 years, getting rejected each time except for the false breakout in September. A breakout here would be meaningful. RSI still not overbought and price looks like it has some room to run. A breakout targets $21 initially
Despite all the fundamental reasons to be bearish #Tesla - and there are many - technically this chart looks like a clean breakout and retest. If it holds, price looks poised for $1281, which is the 161.8% Fibonacci extension $TSLA $TSLAQ
#Silver with a nice break out of the falling wedge this morning. Rising support from the March low held nicely. Price really needs to get above 18.18 for another run to 18.90. The next test of 18.90 will be the third since February. $SLV
S&P continues to trend in this upward slope, w/ varying degrees of volatility. I don't use this band to suggest the lower bound is solid support or the upper bound is resistance, only to help identify the trend and the range. New highs more likely than new lows imo $SPY $ES_F