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Well, I had a weekend report with 32 charts and not much has changed in one trading day, so lets do a little review and then look at some trade set ups.
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Last week we saw a healthy set up for a move higher
This week...
Read MoreWe have been on a rocket ship ride for a month now in Gold & Miners. Whenever someone posts a "Rocket" as a headline picture in their report, we usually immediately get a pullback. I'm ready, so I thought that I would give it a try 🙂
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This is the rocket (this was my chart from Feb 16).
We will discuss Precious Metals in a moment, but first lets do a complete review starting with the SPX...
Read MorePrecious metals and especially individual miners keep climbing higher. Wave after wave, the dust buyers and shorts are getting hammered. This wasn't entirely unexpected, that is why I mentioned taking some profits and letting partial positions ride. This runaway , melting upward type of move can be rewarding, but cycle wise, it is will pause or pull back soon. We'll discuss that. The markets were moving up off of their lows too, but they stalled on Thursday. Oil turned back down too. To the charts...
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It's Friday, so there isnt much to say with only 1 trading day left, but lets take a look and see what we can learn.
This was 1 of my 2 Gold charts from Thursday mornings report. Gold actually hit $1240 as the day went on, so it looks like that flag pattern could form. While it does look like that Flag pattern could form, I actually think we may see something else too.
Let me show you what I think is happening now...
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