John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (18591)	1/23/2017 2:54:31 AM
From: John Pitera	5 Recommendations Recommended By 3bar Anchan marcos roguedolphin The Ox Read Replies (1) of 33421

Gold and silver update and a look at the GDX gold miners and GDXJ junior gold miners.. as well as the USD (please read the post I am responding to for a more comprehensive look of the big PM picture) Message 30931368 Message 30931386 It will enhance the bull case for GDX when it takes out the 2 .382 retracement level cluster justabove friday's close the levels are 23.58 and 24.30 ish..... Get the Gold futures above 1220.. which is very close 2 Year weekly GDX chart there is some resistance in the area if you can get the GDX to close above the .382 retracemtment about a buck above friday's close that will be constructive. The 8 Year weekly RSI MA model on the GDXJ is not on a buy yet but............we will see. The daily gold futures get Gold to close above the .382 at $1223.9 and lets look at an different daily USD index chart ... USD is above it's trendline, above it's horizontal support level 99.39 is the .382 support level.. the resolution on this chart is not good.... I'll have to ponder why that is. right now very short term Gold is being sold off of the 1220 level.... Give me some ideas on the time frames that you are looking for..... and are you looking for which direct the next 10% will be or is it more like 20% Daily Gold chart got to get above the .382 retacement I am seeing some momentum divergences on the RSI's and oscillators.....not bullish the daily SIlver chart is pretty much the same story.... March silver needs to get over the 17.70 area to really get cooking..... I don't trust a gold move at the moment without confirmation in Silver.. The USD daily march futures charts it is above it's uptrendline... it is above it's horizontal support and it's BEEN HOLDING ABOVE it's .382 retracement... not be suppressed by it as is the case with gold and silver... and I love the bearish sentiment on the USD and the relatively more bullish sentiment on Gold and Silver. How does this daily USD chart look to the viewers of the thread? USD chart Message 30943429 Message 30943429 I myself am watching Gold, Silver and the GDX and the Juniors and waiting to see them show me some more strength...... I know the idea is that inflation is picking up which may well mean that we have 2 or 3 interest rate increases coming from the FED in 2017 if the economy expands. Those higher rates may or may not be helpful for PM's due to storage, insurance. opportunity and carrying costs. Let's see what the geopolitical week brings.... John

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