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?

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