Category Archives: Metals

It May Take More Time For A True Breakout in Metals

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By Avi Gilburt, ElliottWaveTrader.net

First published on Saturday April 8 for members of ElliottWaveTrader.net   I have read in many places on the Internet that the metals have certainly broken out.  But, as you know, I am not quite convinced.  Now, that does not mean I am bearish.  It just means I still think there could be more downside seen before a true break out is seen.

As I have been noting for the last few weeks, silver has been providing us with the clearest of the patterns.  And, last week, I noted that, under both patterns, silver still looks like it needs one more push higher before it is going to make its decision.  This past week, we got our push higher to complete what is best counted as a 3rd wave off the March lows.  But, as we know, 3 waves up does not constitute a bullish trend.  Rather, we need 5 waves up to complete.

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Going for Gold

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Just as I was mystified last week that anybody believed the TrumpCare bill would pass, I’m equally mystified to read people touting precious metals miners as a “buy” these days. I think gold, and the miners in particular, are in trouble. I remain very long JDST, and I’ve been yammering to my Slope Plus readers about metals quite a lot lately. As long as the Japanese Yen more or less continues to weaken, I think gold bears will be rewarded.

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