Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bull Markets in Precious and Industrial Metals

Commodities / Metals & Mining Feb 17, 2008 - 09:22 PM GMT

By: Joe_Nicholson

Commodities Best Financial Markets Analysis ArticleThose looking for $1k gold continue to be thwarted as the monetary metals have to prove themselves in the short term by taking out key upside levels and invalidating corrective counts. Silver… can extend to 17.40-17.50 before facing significant resistance. At the same time, platinum continued its tear higher on the back of fundamental supply concerns in South Africa and is yet to show signs of letting up.~ Precious Points: Ready, Set, Retrace , February 09, 2008


The charts and counts in gold and silver continued to hold up well last week, though for the most part these metals remain in a holding pattern ahead of what's expected to be another 50 bps cut from the Fed next month. It's important to understand that even if the corrections play out as charted here currently, it would only be a natural correction within a bull market which, painful as it might seem, is all a return to $800 gold and $14 silver would be.

So, despite seasonality beginning to work against gold and silver, there is no bearishness or call to short here. With rates dropping here and in Europe, and with the money supply swelling, it's difficult to expect a calamitous sell off in precious metals. Gold will have to take out the previous low, as well as support in the RSI to demonstrate an impulsive move downward or the current count will be eliminated. TTC members are already aware of the first alternate, one that could still see new highs before a slightly deeper correction.

As mentioned over the last two weeks, while gold and silver are pushed and pulled by economic and monetary concerns, there are other quiet bull markets in metals that have provided excellent opportunities. The platinum group metals in particular, based on supply disruptions, have performed best. Palladium, shown above, is a cheaper alternative to platinum and has risen 30% since December. We're probably closer to the end of this rally than the beginning, so starting new positions now, except for the shortest of time frames may not be the best risk/reward proposition. Copper, on the other hand, which has been rangebound in an environment of uncertainty about the global economy, has also started to rally recently and could be set to break out of a multi-year consolidation, especially if predictions for a second-half of the year economic recovery gain traction.

by Joe Nicholson (oroborean)

www.tradingthecharts.com

This update is provided as general information and is not an investment recommendation. TTC accepts no liability whatsoever for any losses resulting from action taken based on the contents of its charts,, commentaries, or price data. Securities and commodities markets involve inherent risk and not all positions are suitable for each individual.  Check with your licensed financial advisor or broker prior to taking any action.

Joe Nicholson Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in