Gold Silver Miners Monthly and Weekly Charts Review:
This is probably the longest report that I have done to date so grab a cup of coffee or a can of beer before starting as this may take a while for you to understand the essence of the charts as you study the indicators and the chart patterns.
The report is laid out to show a close up of the chart and then the complete chart with all indicators is shown. I use all the indicators to help me provide the price actions momentum and when used with price action technical analysis, it can be very powerful.
Please note that all the live charts for below are in the links section for subscribers.
Gold price action is up against a massive resistance trend line, it has been butting against. Looking at the indicators, they are all at the top and don’t have enough energy to break out at this moment.
Price has to do a swing down to gather momentum. We can expect price to test 1200 or so before a blast higher in 1st quarter 2017.
Gold Weekly chart.
Indicators are pointing up so we can expect a rally to test the down trend line one more time before a breakdown.
Gold COT are still high. Once the hedgers are scared they may try to exit all at once and could cause the price to collapse.
Silver Monthly: With all indicators is below and you can see that they are all the top of the range and could make a trip back down before breakout.
Silver COT are still up in the sky for commercial short positions shown by the brown bars. Once they start to exit these positions, expect a massive drop in silver. That will then reset the sentiment to bearish level, which is required for the bull to continue.
Silver Weekly: Also we are in month 8 of price rising and its time for a correction which scares the longs. If price breaks down from red fork, there is a 80% chance that it will tag the bottom red rail as shown by the red circle.
GDM Monthly: Gold Miners Index. The indicators have definitely turned negative and 80% probability of targeting the middle median line.
GDM Weekly should give us a more detailed look at the price action and provide guidance as to what price may do in the short term. CCI and RSI are turning up so we can expect price to tag the middle median line again.
Also the cycle curves are showing that price has peaked and we can expect price to drop after a brief uptick.
ABX – Barrick Gold is a major miner. We can see that CCI has definitely crossed down the trigger line, so my expectation is that it will tag the middle red median line.
AEM : Agnico Eagle Mines is also a heavy weight in this sector. I believe we have hit a top for this rally so with indicators curled down, we can expect price to at least target the middle red median line and worst case will bounce off the blue bottom rail. Timing will be published as get closer.
ASA Monthly: The patterns look similar to what we have seen above.
AU Anglogold Ashanti: The patterns look similar to what we have seen above.
AUY Monthly: The patterns look similar to what we have seen above.
FCX Monthly: The patterns look similar to what we have seen above.
FNV Franco Nevada Corp
FSM Fortuna Silver Mines:
KGC Kingross Gold Corp
MAG Silver corp
NEM Newmont Mining
NG Novagold Resources
PAAS Pan American Silver Corp