Metals By The Numbers
For 10 months gold has produced a series of bear flags and gold may have started dropping out of the current one this week. If so look for support next near that 1478 level
On the positive side – gold is still over this trend line.
Gold futures on this time frame chart again has its RSI under 30 for the first time in a month. So watch it for a short term buy on a move back over
The long term weekly, gold ETF looking weak.
Point and figure charts have various price objectives depending on time frames. On this 60 min. chart GDX as a price objective of $40.
The GDX bounce took it basically up to its 20 week moving average and from there it has been lower for 3 weeks.
The daily chart shows its break below both moving averages on Thursday.
The 60 min. chart shows it filled one gap and bounced only slightly from there
The mechanical trading ETF is currently on a sell.
This monthly silver trendline is not precise but it is close is near and further below the 50 month EMA near $25.
The support also at that 200 week EMA
The silver futures with its drop from that trendline, then a test of it and the further decline from there.
Silver ETF mirroring the silver weekly chart.
The 60 min. version with RSI very short term just moving back over 30.
The silver ETF is on a sell.
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