Are We There Yet?
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The HUI "Gold Bug" Index posted a slight gain today BUT
But a trend is a trend and the trend remains down. However, we are now entering the tail end of July and that means we can start to look for a rally. It does not have to happen BUT
But unless there is a "V" shape recovery there is nothing in the charts signalling a change in trend which is DOWN.
I will simply observe that I like this "time" and "price" for a change in trend BUT that has not happened yet.
Gold had a wild day dropping down to a LOW of $1678.60 only to rally hard to end the session at $1718.15. Today gold posted one of the strongest upbars in months. After months of an unending downtrend, this is the kind of bar that MAY signal a change in the trend. BUT . . . please reread the word "may" because it is equally possible that it "may not" be a signal at all.
Lets wait and see if gold can have a few more positive days.
Silver also posted a positive day but for the last week has been mostly sideways and remains in a down trend.
For me and this is just me, the downtrend in the precious metals remains intact however, at least in the HUI we are at a "time" (end of July) and a "price" around the 202-203 level that puts me on alert to watch for a rally.
PAY ATTENTION!
Peace out and Stack On!
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It must be all that peace and love breaking out all over the world.
Forget about non-commercial traders forced to liquidate their gold and silver positions to pay their bills.
Forget about impending Interest rate bombs that pulverize the PMs market.
Forget about the Industries that use silver closing up shop ahead of this recession.
And forget those unlimited paper shorts printed ...like fiat currency.
NOT!
Something is telling me huge that bitcoin will still go farther downward
The Gold Futures chart shows a slide. It just keeps on dipping !