Metals And Miners - Saved By The Fed Minutes

Metals and Miners were saved by the Fed minutes this afternoon. We could see the final highs on Friday after the employment report.

The bounce in oil may be over. I added back half of my short position around $50.98. I placed a stop for everything (including original short $53.09) at $52.17. I will add the remainder of my shorts if oil closes below $50.00.

-GOLD- Gold was set to make a confirmed price swing and close below the 10-day EMA. However, prices rallied back above $1,258 after the Fed minutes.

(Click on image to enlarge)

-SILVER- Silver was also forming a confirmed price swing before the Fed minutes.

(Click on image to enlarge)

-WTIC- Prices tested the trendline, rallying to $51.88 before selling-off sharply. The bounce could be over. Closing below $50.00 would raise the chances of a top to about 80%.

(Click on image to enlarge)

-XLE- Prices gapped through the trendline/50-day EMA at the open but sold-off sharply this afternoon. Closing back below $69.00 will confirm that the bounce in oil and energy stocks is over.

(Click on image to enlarge)