In my last public report, I pointed out that I expected Gold to back test the break out & 50sma area. I posted this chart.
We got a perfect back test as expected and reversal. This chart from Yesterday looks very Bullish, but Miners didnt react strongly.
Now Gold is dropping pre-market. What am I looking at today when it comes to Gold?
GOLD – The 50sma is at $1078, I’d like to see that hold. Gold is also at the support of the green line, but you’ll notice that a Blue Channel is also a possibility. If Gold holds above the $1078 area, I view it as quite a Bullish set up.
With the Bullish C.O.T. set up, I dont expect Gold to sell off and break down here, it is simply falling to a daily cycle low using cycles, and the timing is right for a low anytime soon. A reversal higher and a break above the purple trend line is Bullish in my opinion.
SILVER – Silver lingers at the bottom, with Pops and Drops. Yesterday it Popped, but again, Miners ignored it. The MACD has been good despite strong drops on some days. Will the lows hold? I’m also watching that.
I discussed in my report today that I am also watching Miners today. I didnt like that Gold surged yesterday and Miners lagged, paused, stalled , or whatever you want to call it. With Gold dropping as I write, I will look for Miners to either hold up relatively well, despite Gold & Silver selling off today, or will they cave in?
The action today and tomorrow could say a lot for this sectors future directional move. I plan on covering this sector further in my weekend report, released Sunday night or Monday morning. Right now I am keeping an eye on the 50sma in Gold and looking for relative strength in Miners despite the selling in the short term plan.
~ALEX
I release reports for the Weekend wrap up ( Often 30+ charts) and daily reports Tuesday, Wednesday , and Thursday ( Friday as needed, if something big changes from Thursdays report). These reports cover the various market sectors and stock picks if there are any low risk trades setting up. You can click on the ‘sign up’ tab at the top of the page if you are interested in our current rates. 🙂
It Is Not An Illusion 
1-15-2016 Miner Exception To The Rule
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