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Seems like ZSL may have made a temp top as well. If the DXY reverses then ZSL will as well and the metals can move higher.
 
SIL up on very high volume. Could be a one day wonder maybe not. Bought some SIL today. $22.20 low in Silver today close well off the lows. DX up miners up Gold flat Silver down less than 1%? You'll never buy the absolute low except in rare cases this looks promising.
 

Every time it does that, it seems to be going into a top... I checked. SIL volume peaks, historically, are not a good predictor. Not saying it's nothing this time BUT keep that trigger finger ready and parachute strapped on!
 

This is what I've expected to happen with the Euro as well, driving both the USD and Gold up. The Euro really is a hobbled basket of crap and when the Germans have a Japanese experience it, by rights, should implode before the USD.

For now, it looks like the Yen/AU will mean revert to the 50DMA

 
DXY - Looking strong, new upleg in place IMO. It looks like it has plenty of momentum to stay over the 50DMA for some time.

 
Silver - You can see on the weekly that it is at the bottom of a channel range. The bulls need to see it hold up here.



On the daily we can see a mild divergence, some buying is coming into it. A strong week finish would make a nice chart BUT this is silver and this is about the moment you can expect to see a bludgeoning unfold. This might also result in a buyable dip if you are a bull. Keep some powder dry and watch closely.

 
Gold Daily - Still consolidating, some mild positive divergence, some green volume coming back, a 50/200 death cross albeit on a low glide path... I think that the USD is causing some real confusion here. The knee-jerk strong dollar sell gold crowd are probably a little confused about the demand still being as strong as it is. This could get messy while they sort it out. Who wins for now? September has been seasonally -ve for years but the end of the year is strong and they will have one eye on that.



Options OI is stacked in the favour of calls out to 3200. Often this means little as they are just insurance positions and lottery tickets



Looking at the volume, 2200 seems to be where the heat is at the moment. That, IMO, would light a fire under the beat up gold miners.

 
Zed said:
Every time it does that, it seems to be going into a top... I checked. SIL volume peaks, historically, are not a good predictor. Not saying it's nothing this time BUT keep that trigger finger ready and parachute strapped on!
Click to expand...
If it was going up which it hasn't been. So there is that. Not saying this is anything more than a one day wonder but this shyte has been going down sideways for over three years now.
 
You know you see these YouTube video thumbnails with the different poses and facial expressions. Don't get why someone would spend the time doing this.
 
Lancers32 said:
You know you see these YouTube video thumbnails with the different poses and facial expressions. Don't get why someone would spend the time doing this.
Click to expand...

Because, as stupid as it is, it draws people to watch. They have to entertain even when they are presenting rather dry material like economic news. That's how the YT/Tic Tok influencer game works.
 
pmbug said:
Because, as stupid as it is, it draws people to watch. They have to entertain even when they are presenting rather dry material like economic news. That's how the YT/Tic Tok influencer game works.
Click to expand...
Maybe some of these strange influencers but a guy like Gammon I thought was above it you know?
 
Highly recommend you buy Uranium now before it retraces.
 

Gold prices surge to session highs after New York Fed survey rises to 1.9 in September

(Kitco News) - Gold prices surged to new session highs after the latest data from the New York Federal Reserve showed stabilization of activity within its region's manufacturing sector.
www.kitco.com

I'm not sure why good economic news would spur gold higher. This is not the disinflation the Fed is looking for.
 

Once again the miners really start to move a Day before the metal prices. Tell me again this is not a controlled "market".
 
Voodoo said:
Once again the miners really start to move a Day before the metal prices. Tell me again this is not a controlled "market".
Click to expand...
If I control big money and I knew I was going to get into the metals the day before I buy the miners, probably options as well.
 
Lancers32 said:
You know you see these YouTube video thumbnails with the different poses and facial expressions. Don't get why someone would spend the time doing this.
Click to expand...
I'm pretty sure they just pull a thumbnail from the video. So at some point when they're filming they just pull a face or do whatever for the sake of the thumbnail. It's not a whole lot of effort and they just have to nominate which frame is the thumbnail for the video when they upload.

I was in the magazine business at one stage and it was shocking to me the difference that the magazine cover made to the sales.
 
Hunter still looking for the melt up then bust in 24...

I find it plausible, he thinks it may start now.

 
Weekly Gold and Silver.

Gold - 1980 odd looks like the starting line to me, cross up over that and I would expect that this consolidation period is over, and we rally into year-end. That 50 week moving average seems to be a reasonable approximation of trend.



Silver - We hung onto the bottom of this channel. Not shown but momentum has turned upward weekly and daily ROC and momentum are upward. It looks like what amounts to the third test of mid 22's as a low is going to hold. We look better every time we hit these levels, ROC and momentum are at higher levels each time and we don't get quite as low. Supply looks to be drying up down here. Traditional year-end strength looks like it might start soon. JMO -> Go suck a lollipop if I am wrong, as we often are!

 
Gold Weekly - Just backing up a little for the bigger picture. Looking a little like Nov 19.



Another covid shock incoming? Wouldn't that be just perfect for the elections and the "cut rates" case?
 
Meaningless really but I don't know about that. I've seen some weird stuff on YT.
 
Muted response today in the miners. We may or may not be out of the woods just yet.
 
Picture goes in and out but audio is fine. Trump tip toes around the what is a man/woman question.


 
Yeah I have been hearing a low early October for some time now. You never know but the risk/reward is at least decent from these levels.
 
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