The 10-Year Note Gives Buy Signal For Gold And Silver

It appears that the market has formed a flag. If the market breaks through that, then we are looking at $1953, which is the weekly target. The daily signal is up to $1915. $1924 is the first weekly target, which has been activated. The daily is activating targets of $1899 to $1915.

$1864 is the monthly VC PMI average. We are trading right at a 50% Fibonacci retracement from the recent high of $1675. The 61.8% retracement from this correction is $1952.90. Right above it, we are looking at $1961, which is the VC PMI monthly target. The AI is telling us that $1950/$1960 is going to be tested. I would lock in profits in that area. We have had two previous tests of the low and we may not go down again.

Silver

Courtesy: TDAmeritrade

Silver is doing pretty much the same move as gold. We are also in a fast market in silver. We are seeing a reversion from $27.74, which is the average price. If we run up to $27.91, we will be looking at a bullish price momentum with targets of $28.16 to $28.41. We are net long.

Virtual Currencies

There has been a great deal of talk about virtual currencies. The market has entered into a very volatile period, in response to comments by Elon Musk and other crypto gurus. There are a lot of people in these markets who should not be in such highly volatile markets. If you can’t handle the volatility, do not be in virtual currency markets. However, they are very exciting markets. We are trading these markets, but be careful. Do not over-leverage yourself. It seems that the volatility is going to increase even more.

Grayscale Bitcoin Trust (OTC: GBTC) is entering into the VC PMI Buy 2 level. 2737 is the Buy 2 weekly level, which means there is a high probability that the market will activate a bullish weekly signal.

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Disclosure:  I am/we are long GDX. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from SA). I have no business ...

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