Really not much to add to the midday report I posted. Miners ended up a bit after all hitting 52 week lows. This is what market makers do, they pull it down to break channels, then reverse it for quick profit. Will the miners continue up tomorrow? I don’t know. Might be a good short term play, but gold didn’t end up green for the day. Gold however is still maintaining above the $1,200 psychological level and silver maintained above $17. I would use those as stops if attempting any longs.
GLD’s score fell to +55 while SLV and GDX both improved to -90, still in a downtrend.
JDST would be the play still if we break to lower lows. Its score fell from +100 to +90 after having a great day early on. JDST is still in an uptrend.
Dollar was up 10 cents today and the 10 year was up just a bit closing at 2.28%. Quite a jump from the low of 1.86% not too long ago but nothing to get excited about.
More coming Sunday.
10-23-14 GLD Chart
10-23-14 SLV Chart
10-23-14 GDX Chart
10-23-14 JDST Chart
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.
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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.