7-19 NOT YET, BUT INTERESTING THINGS ARE HAPPENING …
.
Looking for a swing low…
Let’s just focus on Precious Metals, since we are looking for an ICL, and the SPX , NASDAQ, WTIC, ACTED AS EXPECTED
USD WEEKLY- US at resistance as long as it remains below the 95.50 area or close to it.
EDIT: THE LOWS FOR GOLD WERE VIOLATED OVERNIGHT, AND THIS REPORT WAS WRITTEN BEFORE THAT, SO I HAVE EDITED A COUPLE OF AREAS THAT DISCUSS THE LOWS FOR GOLD. SINCE GOLD NOW HAS NEW LOWS OVERNIGHT, IT CANNOT FORM A ‘SWING LOW’ UNTIL THE FOLLOWING DAY, BUT WE CAN LOOK TO SEE IF WE GET A REVERSAL IN GOLD TODAY.
.
GOLD #1 – This is GOLD UPDATED. We are in a waterfall type sell off, yesterdays lows have been taken out, and it looks like the stops will be run on former lows too , like last JULY lows. Below $1200 takes out the lows from March, etc. IT SEEMS THAT GOLD IS SEEKING OUT IT’S YCL / ICL / DCL . We could see a sharp snap back V-Bottom when this is all said and done.
EDIT UPDATE – CURRENT GOLD AND A POSSIBLE WATERFALL DROP AND V-BOTTOM
.
THE REST OF THIS REPORT IS PRETTY MUCH AS WRITTEN LAST NIGHT, I WILL WRIET (EDIT) WHERE ANY NEW THOUGHTS ARE INSERTED
.
THIS IS WHAT I HAD WRITTEN LAST NIGHT
GOLD – This is the Daily chart after the close. It looks like a BULL WEDGE is forming and Wednesday reversal, and price divergence. Watch $1229.10 for a swing low unless Wednesdays lows are taken out. A break above the trend line is also likely signaling that the selling is done. Notice that the 10sma is there too. Read the chart…
SILVER – This is a reversal too, so far, we’ll see if the lows hold.
SILVER WEEKLY – At the lows? Last JULY we got a quick slam down to a deeper low.
Notice the ICLs, DEC 2016, JULY 2017, Dec 2017, July 2018( ?). Oversold on a weekly chart.
WHAT ABOUT THE MINERS?
.
GDXJ HAD A BULLISH REVERSAL and was at $32.19 MIDDAY, BUT WOULD IT HOLD UNTIL THE CLOSE? 
GDXJ BULLISH ENGULFING – Closing at $32.28, this looks good. A bullish engulfing, and those lows usually are not violated right away. Do you remember that in Wednesday Mornings report I pointed out that GG & NEM had bullish engulfing on Tuesday? Those lows shouldn’t break, so did they hold up as Gold sold off on Wednesday Morning.
GG BULLISH ENGULFING – Lows were NOT violated an with a Bullish engulfing. We’ll see if GDXJ lows hold here.
NEM BULLISH ENGULFING – Lows were NOT violated. Let’s see if the GDXJ lows hold.
So again, GDXJ had a BULLISH ENGULFING, those lows usually are NOT violated. ( EDIT: The only way I can see this not violated is if Gold reverses and V-Bottoms before the open). We shall see if Gold reverses before the open .
JDST- This also looks bearish for the 3X bear ETF. A reversal off of the top, and this is a bearish engulfing.
MUX – With GOLD selling off, MUX has a higher low on the 50 sma and moved 5% higher while GOLD sold off. That really was encouraging for Miners.
AG – And with AG, we saw a sharp drop after earnings release. The earnings were good, but the reaction seemed overdone. I mentioned that this could possibly drop to the 200sma & a trend line. It should be watched from there if it does- THAT could be support.
AG – And AG sold off to the 200sma and reversed. Honesty, I would give it a bit more time and see how this plays out, or if I was interested in Buying? Start small and go from there, but so far so good.
I like what I am seeing with Miners as Gold sold off. I also now see a LOT of Gold bearishness out there in Twitter land, etc , so sentiment has really changed. We continue to look for a swing low in Gold this week.
The conclusion of the matter is this…
.
MINERS are NOT acting like they used to when Gold sold off, they seem to be being scooped up even when Gold sells down. We all remember when Gold would drop $10, and Miners would drop 5-7%, right? Right now I have been posting day after day that some miners are trending higher, some are even at 2018 highs with Gold at 1 yr lows, some are making higher lows, and others look to be bottoming now ( AUMN? GSS? DRD? HMY?) .
GSS – Read the chart and think about it. Maybe that changes today? We’ll see, but so far this has held up with a deep Gold sell off.
We are close to an ICL in Gold, based on the timing of this intermediate cycle, yet doesn’t it seem like Miners are ahead of the game? They usually get crushed in a gold down day, but lately they are surprisingly strong. Let’s see what Thursday & Friday bring with todays selling.
.
~ALEX
.
AKS – Steel stocks like X, AKS, CLF, CLD, etc are perking up too. AKS is attempting to break out from a base.
AQ trend line #1 – Wednesdays report – This was posted as a ‘Buy before it breaks out’, or wait until it breaks out and ‘Buy the break”. It was one of those IPO’s that ran strong but died. That MACD was bullishly divergent and it showed signs of life!
AQ TRENDLINE #2- FOLLOW THROUGH – A break out, so this is proving itself to be bullish too.
