We have a FED MTG directly ahead of us , should we even be looking at the volatile Precious metals?
Well, I wont recommend anything, but I need to point out some nice looking reversals…lets start with PAAS
SO FAR…The above chart is really bullish.
After breaking from a “BASE” it has run up and consolidated gains regularly. I know many of us , myself included, follow “CYCLES” for the GOLD MKT with POLY , host of “BullBearTalk.com , and see Gold dropping to find a DCL (Daily Cycle low). The FED meeting could accelerate the drop, UNLESS – we just got the 2nd DCycles Low today in “shake out ” fashion?? ROB L.(And Bulldog) of BBT mentioned this last night.
Notice SVLC , another beautiful Silver stock chart
SVLC is a classic set up , only the MACD needs to improve.
THOSE are a few of the strong Silver Miners reversing (see also SSRI , AXU, HL, EXK, etc) …but notice this interesting point.
CDE , still in the ‘basing’ process has NOT even broken out yet, it has not proven to be one of the very strong silver stocks…so it should be down with Silver selling off, right? This A.M. it reversed sharply with strong volume and good CALL buying . Ticker ‘AG’ is doing the same … Is THIS telling us something? These should be lower today.
I will not make a recommendation before the FED MTG tomorrow, but its something that should be watched, that could have been a ‘shake out’ & they may be preparing for another leg up.