Thursday July 5th

 

SPX – The General Markets gapped higher on Tuesday and the rolled over again.  The 10sma is rejecting price, so we still do not have a confirmed DCL, but we are due for one and we do have a swing low unconfirmed.

 

SPX on July 2nd – I mentioned that I’m not expecting a strong rally out of the next dcl, I’m expecting a L.T. daily & a drop into an ICL.   So far, we are seeing a struggle at the 10sma, as seen above.

 

SPX WEEKLY FROM JUNE 29–   The weekly chart was looking ‘weak’ – ish, so we will monitor the big picture once a low is in place and the markets get moving higher.

 

 

XLE – Tuesday saw the Energy sector gap open, rally & drop again. I have pointed out the weakness in this sector in past reports too, despite Oil being at new highs.

 

USD – This still looks like a bearish rising wedge. We have a day 10 high so far. The MACD looks weak.  This is good for Precious Metals.

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PRECIOUS METALS

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PLATINUM– I wanted to point out that PLATINUM bottomed in Dec around the same time as  the Last GOLD ICL.  Platinum now looks to have bottomed here with a 2 day massive shake out & reversal move.  Platinum was up $33, over 4% Tuesday.  If Platinum has bottomed, GOLD is due too.

 

GOLD – Gold put in such a solid reversal on Tuesday, that it looks like a BULLISH ENGULFING. A Bullish Engulfing has a high probability of being a bottom after a long sell off. That was day 30.  The 10sma is at $1260 and a close above that is further confirmation of a dcl and likely an ICL. In technical analysis, this would be a BUY with a tight stop below the lows, because the lows of a bullish engulfing should not be broken. IT would be a low risk buy point.

 

GOLD WEEKLY – It is only Thursday, but I  just wanted to show a weekly chart  (So far). Doesn’t this looks familiar  (So far).  🙂  We have ICLs in DEC, JULY, DEC, and this is July.

 

GDXJ – Notice that Miners actually seem to have bottomed last Thursday.  This looks to be day 3 on Tuesday, and we have a break out above the 10 & 50sma.  I am now heavier into  JNUG ( and I still own FSM, EXK, AUY, AXU)   based on the ‘timing’, the various Bullish set ups pointed out in individual Miners, etc.  I feel that from here I can either use a stop if we sell off or just ride it out knowing that we are due for an ICL & a strong rally. That rally may be starting here and…

 

GDXJ WEEKLY – WHEN GDXJ breaks from this squeeze play, I do not expect a slow casual climb higher like some others have talked about. I expect a strong ‘recognition’ rally. An “Oh, Gold is done selling? I don’t want to miss this run”  type rally.

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LET’S LOOK AT MORE INDIVIDUAL MINERS

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AUY  – AUY shot almost 8% higher on Tuesday, and is breaking out from a multi-month consolidation. This should run from $3 to $3.80 fairly quickly. That’s alone would be 25%.

EXK –  I have owned & recommended holding EXK for a while. This was my MAY 30 recommendation & I mentioned that I bought this set up at support.

 

THE WEEKLY CHART WAS GREAT HERE TOO, THIS COULD DOUBLE & RUN TO $6 TO FINISH THE CUP.

 

 

EXK  – It Popped, ran and consolidated during the sell down into an ICL. It Popped & broke out on Tuesday. It is still a buy & Hold to me.

 

TAHO  – This was TAHO at 11:35 a.m.  This is breaking above the 10 & 50sma, the RSI is moving above 50% and this actually bottomed 5 days ago while Gold was still selling off…

TAHO WEEKLY– This weekly chart shows a crawl along the 50 weekly ma & this also looks like it has a lot of upside potential. THIS IS A LONG TIGHT BASE.

 

AKG DAILY – Look how nicely AKG has been running.  We saw a 100%  move in December/ a consolidation  to April / another 100%  move / another consolidation with Golds recent dip.  Let’s go to the bigger picture. This is a buy, or you could wait for a break of the downtrend…

 

AKG WEEKLY– This shows a nice bottoming process forming with those 100% runs and potential for a lot more. This could easily double or triple over time, if this sector runs and remains bullish.

 

AG DAILY JUNE 20th _  AT $7.60 I recommended this as breaking out.  Even though the ICL was not in place, many miners were acting bullishly.

 

AG DAILY– Boom, and now it is $8.00

AG IN APRIL –  I also Recommended it at $6.66  and saying that when it is $18, we’ll wish we grabbed it at $5.  There is still time to buy & hold this Silver stock.

 

AG WEEKLY- We still haven’t missed the big move for those Buy & Hold long term buyers.

 

NG – Nova Gold just starts taking off higher last week, while Gold was still selling off.  That’s odd, right?  Why was  NG running now when Gold was still selling down?…

NG WEEKLY– On the bigger picture weekly chart, it rallied, tagged the 50 weekly MA on a back test, & now looks ready to run higher.

 

These charts obviously represent what happened on Tuesday in the U.S. trading. Gold is trading down a little since then, but that may offer a lower entry point.  The Miners seem to have bottomed last week, so I will be looking for them to hold up on areas of support if they pull back  ( The 10sma or a trend line, etc).  Most of u have owned our Silver stocks for over a month anyway, and they have held up nicely. Things are lining up as expected, we just need Gold to confirm a swing low  dcl /ICL.

Let’s see how Thursday plays out. 🙂

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Enjoy your Thursday trading!

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~ALEX