So far the synopsis for metals is BULLISH after the Fed. Until then, anything can happen and probably will. USD/JPY already went over 112 just now. USLV has to break 12.38, JNUG 18.29, NUGT 32.04, UGLD 10.40. From there the charts look like runners for all.
I want to be clear on the bullish trend being there, underlying all this Fed noise. Market makers are very aware of your pressure points in getting you to crack and try they will. Could have got us out with small losses on this latest round overall on that run up this morning of JNUG to 17.50. Not my goal if I think we see $1,300 before $1,240 break, but market makers may try and shake you as I said. Once we hit a green weekly in JNUG you’ll see the fun begin for all of us. But let’s crack $1,260 by Friday first. That’s what I am looking for. Then $1,270 and then don’t look back for a bit.
Before I started the analysis this evening, I wasn’t sure what I was going to come up with as a conclusion since USD/JPY went over my target. But it is 111.92 now as I finish typing, and as I said many times this week, “expect the unexpected.” It’s Fed week and we now will get some clear signals for some bigger trades all around.
Some Daily Sentiment Index (DSI) Data For You
Copper is at a whopping 89 and Canadian Dollar also at 89 so a turn lower is in store.
S&P is at 80 and Nasdaq 77.
Euro is at 79 and British Pound 77 while the dollar is at 11. Gold can move up with the dollar here.
Gold is at 28 and silver 33.
Let’s see if we can’t get gold and silver up into DSI 70’s territory and possibly 80’s before we do any selling.
CryptoCurrency Alert
Sales of digital assets (CryptoCurrencies) by “virtual” organizations are subject to the requirements of the federal laws.
News release: SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities
https://mobile.twitter.com/SEC_News/status/889946003725537287
U.S. Signals Clampdown on Red-Hot Digital Coin Offerings
Markets such as Coinbase Inc.’s GDAX and Gemini Trust Co. that offer trading in digital assets so far have dealt mostly with state, not federal, regulators. The SEC now says that will likely change. “Additionally, securities exchanges providing for trading in these securities must register unless they are exempt,” the agency said.
Calling that a “big deal,” Walch said, “Those in the crypto world have been acting as if they live in an alternate universe, and the SEC has delivered a reminder that they still live in the real world, with real investors and real people making decisions that they must be accountable for.”
This is bullish news for gold/silver physical metal overall. My take anyway. SEC isn’t involved in the physical gold/silver market, lol. Don’t you find that odd? They simply (probably via the Fed) don’t want to legitimize it. But they ignore that in fact American Eagles are legal tender.
Related posts
About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.