Metals By The Numbers

Stock Tiger

Ultimately gold may move lower but the bounce this week has come  from  oversold RSI levels and they have now moved over 30.   Williams has moved over 80  and this became a buy on Thursday. The histogram is still negative slightly and the MACD has not yet crossed over but it may continue to advance at least to the moving averages overhead.

We posts the gold futures chart each morning and it is generally visible on the live page. Here it shows the break over the 30 RSI line almost catching the bounce at the lower channel support and if you missed that the buy on the break of the top channel resistance.

GLD had dropped totally under the lower Bollinger band midweek but closed back above it and increasing volume. A move back inside channel would probably bring even more buying.

We added three gold stocks to the watch list last week, RGLD, NEM and NG. This one did break over that $5.56. resistance to drop slightly back under before the close. It has a decent little base going for it and may this week  get back over the initial buy point.

As we write about and post charts of over 50 stocks per week we found it interesting that NG Tweeted a thank you note on our inclusion of their stock to the watchlist as we have never received such a note from a specific company before.

We had not posted this chart is a long time but did so last week as it is a ratio chart of GDX gold miners versus the price of gold. We thought it may be possible that gold mining shares may start to outperform gold metal but as you see the metal at the moment preceded movement in the stocks.

The gold miners on the 60 min. chart ran slightly above this top down trend line but closed just underneath it on Friday.

Now that our mechanical gold miners ETF has shifted back to buy mode after being short for the last couple of months it would be nice if we have some extended movement in gold stocks and this one were to run up nicely.

The silver weekly chart did drop below its lower Bollinger band and put in a nice hammer candle. In the last two lows after doing this it had a decent rally and may do so again but eventually is likely to at least test this lower trendline.

So far this minor bounce on the silver futures chart came just slightly above the previous low though once again RSI was under 30 and is moving up though still slightly under.

The SLV  60 min. chart gapped over the descending channel. So now if it drops to the top of the line should again become support as should the 20 period  MA.

Our mechanical SLV trade has a one green bar so is not quite triggered long but will do so with out much movement higher.

With some worries of weakening economies and doubts of Europe copper lost 5% this week closing right at its 200 week EMA

Palladium had its loss  in the previous week as this week dropped only five cents.

The Euro futures so far bounced at the support but not yet signs of and upturn from  over sold RSI – would expect to see so this week.

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