Think it's time to own precious metals for a swing trade. Let's look at the evidence.
1/ Gold is breaking out of a solid base it has built over last few weeks. Measured move is $1997 but I will be happy with $1966 marked level.
1/ Gold is breaking out of a solid base it has built over last few weeks. Measured move is $1997 but I will be happy with $1966 marked level.
2/ Silver had completed a smaller IH&S earlier (I had traded it successfully). It's not completing a much bigger IH&S pattern with $28.48 target
https://twitter.com/tradervarun/status/1451553040889229313?s=20
3/ This move in PMs is supported by miners. Always good to see. Here's GDX with an IH&S with $38.21 target
4/ Sentiment turning up from a major capitulation h/t @MacroCharts
https://twitter.com/MacroCharts/status/1458404075507228678?s=20
5/ @MacroOps #DirtyDozen covered several reasons for why conditions are in place for a rally in PMs. Among them are % gold miners trading > 200dma fell below 10% few weeks ago (tends to mark bottoms).
6/ Found this @TaviCosta tweet thread quite informative on where we're in PM cycle
https://twitter.com/TaviCosta/status/1452845089080811523?s=20
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