ST Outlook PM Complex.
Bought a small amount of Gold e-minis here, as $XAU > 93.50, and Daily chart is up.
The PM mining stock indices have bullish ST_Charts, but the same cannot be said about the metals. They are not as bullish as the stocks, especially $HUI.
$HUI is usually the first to turn, and I am guessing that both $HUI and $XAU have bullish IT_Charts as of this close.
However, the stocks are at or approaching ST_Overbought 'relative to trend', and IF they print a new low on a daily bar, I would guess we should see a pullback.
The metals as they are not as bullish, would be susceptible to further down side and hence that is why I have taken only a small position in this.
Should the indices race off and refuse to turn down in daily charts - as the $SPX has been doing for the past days, then I would guess that the metals, in their usual way will start to follow. Who knows.
Long YGZ3
- This is a very small IT position, that I will look to add to aggressively on any 'possible rally'.
For now I can tolerate a 15pt drop in the price of Gold without any real worries.
POG is o/sold 'relative to its bullish LT_Trend'
-macavity |
