We experienced another mild volatile day in the gold and silver markets but mostly up for the metals and miners. There was no breakout continuation of the trend higher and the metals and miners stayed flat for most of the day. Silver had a little better morning but couldn’t get too far past the $17 mark for any sustaining rally. Look for a move over $17.12 to go long silver and the miners. Look for a move above $1,243 for a long play on gold and the miners.
On the flip side, look for a move below $1,236 to consider a play on JDST which should coincide with a price of 8.70 or higher.
DGAZ did get above the 9.12 mark I spoke of yesterday, but it was there for probably 10 seconds before falling quickly. Both DGAZ and UGAZ had volatile days and just like with metals and everything else last week, was difficult to trade and you have to take profits quicker and set your stops higher. Better yet, go do something else till a trend develops. But DGAZ is still the trend long even though we got a little bounce in UGAZ today. Look for a higher high to trade long either tomorrow. For UGAZ that is 2.54 and for DGAZ it’s 9.16. Keep in mind that pre-market your price for entry may already be hit. If this is the case, then wait for the higher high after the first move of the day and pullback has occurred to go long.
TNA moved higher at the open then spend the rest of the day falling. I had said a trade over 11.76 and it did come in the morning but took awhile to get going with TZA closing at 11.90 after hitting a high of 11.95. Not much profit to be had and if you got stopped out on a pullback, not much loss. Look for a move above 12 on TZA to go long if we get a retreat here. TNA needs to break 80.30 and 81 for aggressive and conservative trades. Was a tighter range on reduced volume for TNA so I don’t like this trade as much. But TZA volume was also lower. Very difficult to trade unless we get a breakout over those prices.
RUSL never did move past that 21.79 mark hitting a high of 21.40 before closing at 20.65. RUSS did finally move to a higher high, but not enough to excite me. A move above 16 may be a good play. Then look for the numbers I mentioned yesterday as targets. If we get a move down in the markets that continues tomorrow, it can make RUSS a better play than TZA in my opinion.
UWTI had a higher high at 3.97 that continued at one point higher, but only reached 4.10 before collapsing. It closed at 3.89 and was a tough one to trade long. DWTI hit a lower low at 91 and bounced back to the 97 range. Still would like to see it over 100 before I went long as UWTI is still green on the daily and weekly arrows below, but not yet on the monthly. It can reverse, but the sharp move up to over 4 again is noteworthy. Don’t get married to DWTI too early. That’s gambling. Wait for the higher high if it comes.
Not much changes in the arrows below. Patience is needed for the right set up. It will come.
Gold and Silver Stock Mining Package
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Doug 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
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