The Bears are eating steak tonight after the slaughter of the Bulls.
The Low came in today at $1797.65. We are getting close to the next level of support for gold somewhere between $1780 and $1790 per ounce.
Silver as par usual joined in the bloody fray!
The technical charts show that silver did briefly breach the lower Bollinger band before bouncing back into the ever tightening range.
With everyone in love with the stock market, the DOW did reach a new all time high, the mining stocks continue their slide downwards.
GDX actually closed below the lower Bollinger band. This chart still looks UGLY!
I know Homer things look very grim BUT there is always HOPE!
OK so this is some very slim hope BUT hope it is at least for the die hard BULLS.
As many of you know I do follow the Moon Phases, purely for entertainment value, to see if the precious metals markets turn with the moon phases.
Thursday November 26th is the Thanksgiving Holiday, so the markets are closed. In following the moon phases the rules are simple. Look for a local high or low on the day of Apogee or Perigee of the Moon within a variance of one day. Since the market is closed on Thursday and only open a half day on Friday the Moon theory would dictate a local low on Wednesday or Friday.
Does this HAVE to happen? NO!
It is just a theory tossed about by some wingnuts on the interweb! Only a fool would trade actual money based upon something as simple as the phases of the moon. It would imply that we truly live in a Matrix type universe with an invisible hand guiding all human activity.
Perhaps you are right Homer, just perhaps I am a fool but then again I have been trading to the SHORT side since Monday November 16th, because Saturday November 14th the moon was in Perigee and it turns out that Friday the 13th was a local HIGH for the mining stocks.
Friday also happens to be the last trading day in November. December is a DELIVERY Month for silver and gold, so by next week we should see who on the COMEX went short without their shorts on.
Anyhow, Gold, Silver and the mining shares continue to slide downward.
One other thing to look at is the US Dollar.
Don't tell anyone BUT the dollar did trade below some very long term support yesterday and today.
One for the money and two for the show . . . .
Do you suppose that might have something to do with the recent rise in the stock market and cryptocurrencies?????
Trading is dangerous business and caution is always warranted especially if you want to catch a falling knife.
If I do not get a chance to post tomorrow I want to wish you all a very Happy Thanksgiving.
Peace out and stack on!