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Originally published on Tues Nov 5 on ElliottWaveTrader.net: Oftentimes, you need to have patience when it comes to the metals. You see, while they move very quickly when they do move, the rest of the time they simply consolidate until they are ready for their next big move.
We have been waiting to see if the market is going to provide us that deeper pullback we wanted to see, and today seems to have triggered that potential. But, not all charts are showing the same degree of weakness.
(more…)This morning in pre-market the Amigos’ futures charts update the macro story…
…which goes something like this…
(more…)Although gold (and the miners) were making a valiant attempt to recover, it has flopped over. I’ve circled the island reversal.
am·bi·gu·i·ty
/ˌambəˈɡyo͞owədē/
noun
Learning to deal with ambiguity is a key skill for the trader and investor. We like certainty. It makes us feel good. The first time when something we are certain of in the market goes the opposite direction it can be wildly jarring. Growth is possible here, the results of which can be very profitable. This is where learning to identify and manage ambiguity is key. Understanding this about your inner makeup is a key first step.
(more…)Originally published on Sat Oct 19 on ElliottWaveTrader.net: With RGLD following through to the downside as expected in its c-wave decline, the question we are left with is if there is any more weakness to be expected in the metals complex before we begin the next major rally phase?
The simple answer is that while the patterns still suggest that a lower low can still be seen, it is not something I would be suggesting you trade for in an aggressive fashion.
(more…)They call copper the metal with the Ph.D. in Economics. But these days Doctor Copper is little more than a quack in that regard, taking a cue from the metals whose interplay will be critical to deciding the coming macro for 2020 and the run up to the next US election. Thus, they are the 3 Metallic Amigos, riding together but providing different signals at different times (this being nftrh.com, you will have to put up with the odd shtick from time to time).
The interplay between gold and silver is a critical component to understanding what is out ahead; to understanding whether long-term Treasury yields will rise and if they rise, whether it will be due to inflationary pressures. It is a critical component to understanding whether cyclical commodities and other aspects of a greater inflation/reflation trade will finally break existing downtrends. See…
(more…)
