Slope of Hope Blog Posts
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As we watch the dollar rally, gold getting smacked down today, and is threatening to fail a swing low. Silver, is making a series of higher highs and higher lows from a test of its 23.6% fib line.
Silver is still my play for the next down move in the dollar. I am holding AGQ calls and EXK positions, unhedged.
This morning's up-gap open in the U.S. Natural Gas Fund ETF (NYSE: UNG) could be a very significant, constructive signal after yesterday's new low, followed by an upside reversal from an extremely oversold condition. So far, the less than 24-hour upmove in the UNG from an all-time new low at 5.20 to today's intraday high at 5.48 (+5.4%) has the "right look" of the conclusion of a bearish wedge pattern and the initiation of a new recovery uptrend period.
Of course, the UNG has very heavy lifting directly ahead if it is to provide technical confirmation of a significant upside reversal — namely, continued strength that hurdles and sustains above 5.70 and then 6.05 for starters. That said, any whiff of some unforeseen bullish fundamental factor, like a bigger than expected inventory drawdown, has the potential to terrify the entrenched short positions.
Originally published on MPTrader.com.