Gold, Silver and Miners Weekend Report

Next week is going to be critical as we are at a critical junction with respect to the moving averages in the precious metals forecast.

Lets start by looking at Silver.

On the weekly you can see that Silver has started to breakdown in its indicators. CCI is below the 80 line with confirmation from RSI. I am forecasting a inverse head and shoulders pattern forming which should be a good formation for the baby bull market to establish. This market may run up for the next few years. Also note that the slow stoc is turning.

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The silver daily chart next shows the potential island reversal pattern (cyan circle). Very high likelihood of it gapping down next week. Also TRIX has crossed down. Very bearish sign atleast until the brexit on June 23rd

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On the next gold weekly we can see that all the indicators are turning down nicely. Also notice that there is a gap at 114 that needs to be filled up…sc (2)

On the GDX weekly you can see that stocRSI is dropping giving us an advance warning that this sector is going to go down. Also I have drawn the thought pattern for GDX for the next few weeks…Fast TSI is ready to cross over…

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The final chart driving all the above action is the usd…I will looking to get into the precious metal markets when dollar reacts to the blue line…

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Good luck to us all NOW!!!

Silver two times bull etf : AGQ analysis

Silver two times bull etf : AGQ analysis

We will look AGQ in three different time frames i.e daily, weekly and monthly. Also we will look at major resistance levels and support zones. Silver has many hurdles to overcome since its downturn since April of 2011.

Good new first. Below chart shows that AGQ has broken out of the rectangle pattern which has been in effect since December. Good news is that agq broke out of the pattern with huge volume.

agq

 

Next let us look at a secondary pattern i.e a slanted head and shoulders pattern and I am showing the target of $106 in the near term where we can expect some bounce down.

agq1

 

Next daily chart shows agq breaking out of the trend line which was in effect since middle of August 2013.

agq2

 

Next Monthly chart shows that the long time down trend line is still in effect. We hope this trend line will be taken out this time around.

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Next weekly chart shows that the parabola that has been effect since August of 2011 has been broken. This is a huge development for AGQ. This breakout should have enough energy for it to atleast tag its 200dma which is at $204.

agq4

Next weekly chart shows that the major trend line from April of 2011 is still in effect. But with the break of parabola, we can say that the probability of it breaking out of the trend line is high.

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Our price objective for AGQ is $106 as a first stop…then it may tag the $160mark and  then tag $204 (its 200dma on weekly). But please remember that anything can happen in the market place.

JNUG update

JNUG is the Bull 3times Gold Miners Index…please note that this ETF will have huge swings in volatility so would recommend taking small bites whenever you trade….

jnug

Notice the double bottom that has developed on JNUG…it is approaching its resistance zone. Chances are it may [Private] not take out the resistance line on first hit…let us monitor this for it will develop over time[/Private]

AGQ Silver Update

AGQ is the 2 times pro shares Silver bull ETF..In the below weekly chart, agq has not yet broken the trend line.scCA23I58H

 Below chart shows the price action butting against the parabola…lets see if this is broken any time soon and let us check to see other charts to see an indication which side the price action may flow…scCA8IR0JT

In below monthly chart you can see that price action still below the long time trend line..scagq

In below daily chart, agq has broken the parabola and even backtested it and bounced back off of the parabola…scCAL3IAVX

In below chart you can see that AGQ has broken out of the triangle pattern successfully and also backtested it..Our recommendation is to start taking small bites of this leveraged 2times Bull ETF based on your tolerance level. scCA69HX1Y

Gold Market Update

Gold is getting to ready to make a move…gld

in the above chart you can see we have developed a double bottom and gold has started to move up…scCAO9UWRP

in the above chart you can see the parabola from  2010 seems to have completed its move…   

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