Wednesday, January 15, 2014
Let's check up on the PMs and the miner ETFs
Things have come down a bit, so let's see if anyone's been violated yet.
GDX is still above the SMA(50) and EMA(20), above its uptrend line. Not broken yet!
GDXJ is still above the SMA(50) and EMA(20), backed off from being overbought at +2SD, above its uptrend line, and buy volume has swamped sell volume so far this year. Not broken yet!
Both the miner ETF charts are also slowly uptrending, which makes me think that maybe people aren't acting over-excited. Which is actually a nice thing.
GLD is still above the SMA(50) and EMA(20), above its uptrend line. Not broken yet. But the EMA(20) and Bollinger mean are both nearly horizontal, and MACD looks like it wants to roll over, so that makes me worry a bit.
SLV is supposed to be the metal with the weaker supply/demand fundamentals. And the chart's not really all that promising. Not just yet.
So this isn't a set-and-forget situation right now; I want to keep my finger on the trigger.