Tuesday, August 26, 2014
The PM OpEx setup
How's everything set up for OpEx?
Even with the overnight price pop, SLV is still in its same brutal downtrend, below its EMA(12). I won't touch it til that changes.
GLD is in a wider downward channel, which looks hopeful, but it's still below its EMA(12). So I won't touch it either. The orphaned cluster on Thursday-Friday-Monday looks a bit suspicious though.
GDXJ failed to break above its EMA a few times, is in a downward trend below the EMA now, and if it breaks its horizontal support at around $40.30 this chart will begin to frighten people.
But all that depends on whether the PMs have simply been held down by options expiry. Starting tomorrow, everything could take a new direction, which is why right now is a good time to start watching the daily candle charts.
By the way, it sure is interesting how all the bearish PM news comes out in the days before OpEx, no?